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Difference between revisions of "Problems with Debt"
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'''Income:''' list all the income for your household. Make sure that the amounts are realistic. Include all of your current sources of income: | '''Income:''' list all the income for your household. Make sure that the amounts are realistic. Include all of your current sources of income: | ||
:*Wages | :*Wages | ||
:*Disability assistance | :*Disability assistance | ||
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:*GST refunds | :*GST refunds | ||
[[File:ConsumerLawGuidePage11A.jpg|200px|thumb|left]] | |||
'''Expenses:''' the next thing you need to do is list all your expenses. Make sure that the amounts are realistic. Figure out all of your expenses on a weekly, monthly, or seasonal basis. Make sure you remember to include personal expenses, such as loans, restaurant meals or gym memberships, and household expenses, such as rent, groceries, cable, and utilities. When you make a list of your expenses, think about whether you may be able to make any cutbacks. If you can make cutbacks, this will make more money available for you to pay back your debts. When you have listed all your income and expenses, add up the figures and see if you have any money to spare to pay your creditors. If you have any money to spare, decide which debts are the most urgent ones, and which debts are less urgent. Pay off the most urgent debts right away. Then make a plan for how you are going to pay the less urgent debts. | '''Expenses:''' the next thing you need to do is list all your expenses. Make sure that the amounts are realistic. Figure out all of your expenses on a weekly, monthly, or seasonal basis. Make sure you remember to include personal expenses, such as loans, restaurant meals or gym memberships, and household expenses, such as rent, groceries, cable, and utilities. When you make a list of your expenses, think about whether you may be able to make any cutbacks. If you can make cutbacks, this will make more money available for you to pay back your debts. When you have listed all your income and expenses, add up the figures and see if you have any money to spare to pay your creditors. If you have any money to spare, decide which debts are the most urgent ones, and which debts are less urgent. Pay off the most urgent debts right away. Then make a plan for how you are going to pay the less urgent debts. | ||
