A ray of light in a dark economic time
An economic recession has already hit London, Ontario. A recession hits everybody’s wallets hard and more people will need to rely on borrowing money to get by.
During a recession, all companies and their employees are affected. Working hours are cut and people may be laid-off because their companies can no longer afford to pay everyone. It is likely that your income will be affected by the company you work for cutting costs and you will need to take a close look at your financial situation so that you will be able to survive through this difficult time.
Here are a few important signs that you are in financial trouble:
- A lot of your money is going toward paying your debts
- You have lost track of exactly how much debt you have
- You are making just the minimum payments on credit cards and lines of credit
- Your savings have been depleted to service your debt or to cover basic living costs
- You are using credit to pay for consumables such as groceries and gasoline and you are at or near the limits on your credit cards
- You have started to receive calls from credit collectors
If any of these are true for you, you may be in serious financial trouble. At Hoyes, Michalos & Associates, we can review your situation and options with you to determine how you can get a fresh start free of debt. Call us today at 310-PLAN and we will help you get started on a plan to get back on your feet financially so that you will be able to come out of a recession on top of your finances!
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