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Are You A Debt Burnout?

Throughout my career, I have seen a lot of clients go through a range of emotions relating to experiencing debt relief. Obviously, at first, clients are ‘gung ho’ to get their debt paid off – excited, anxious, motivated. They have many questions relating to the process of debt repayment and how being on a debt management program will impact their lives. Usually clients expect big changes to happen quickly and the turnaround to be immediate.

As the debt repayment program continues on (with a maximum length of 60 months, or 5 years, unless there are student loans involved), clients usually settle into a steady momentum of payments every month.  They get used to the money being allocated to their debt and reconfigure their budgets accordingly.  Months, then years, go by.

What happens in the interim? Sometimes, unfortunately, people experience debt fatigue during the debt repayment process. What is debt fatigue and how can you manage it?

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Gambling and Payday Loans

Recently a new casino (aka ‘gaming facility’) opened up in my area. Since it’s opening, new payday lending stores have been popping up all around the vicinity. Coincidence? I think not.

Payday loans provide the quick cash that fuels a gambling addiction. When the gambler is losing, they can simply head next door to the payday lender, get some instant cash, and head back to the casino to win back their loan and the rest of the money lost, right?

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Choosing Your Credit Counsellor For Debt Consolidation Services Canada: Credit Counsellors & Debt Consolidation In Canada - Vancouver (BC) Canada

Credit Card and Loan Insurance: More Complicated Than You Think

When you are borrowing money from a financial institution a common question is, “Would you like insurance protection?” For a monthly fee you can purchase ‘peace of mind’ – in the event of illness, job loss, or an accident, your loan/credit card payments may be paid on your behalf through the insurance company. Is it really that simple?

The short answer is: it’s never really that simple.

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