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Almost everybody owes money.

It is pretty much normal in today’s society. Our economies run on credit. However, we need to understand that there is “good debt” and “bad debt”.

solve debt problemsFor example, if you want to own a house, it is almost impossible to buy and own a house without first arranging for a mortgage. Hardly anybody has enough money to buy a house for cash. This is an excellent example of a “good debt”. It helps you in realizing your dream of having a house, and having an asset for your retirement . Another example of “good debt” might be a car loan. You need a car to get to work, especially if you live in rural areas.

But, what about credit card debt. Is it a “bad debt”? Credit card usage is like a short term borrowing. It can be seen as “one month interest free loan”. As long as you pay off your bill entirely within the specified deadline.

But, here is the catch: if you have just started using a credit card and when your first bill arrives, you only make a ”minimum payment”. This might be the first sign of debt trouble.

If every month you find that you are still only paying the minimum, the you are are having financial difficulties. Think about what that means if you have a number of credit or store cards: the situation gets even worse. Essentially it means that there are not enough funds flowing into your family budget, or you are overspending, or… you just owe too much!

It is one of the first warning signs that your finances are out of control. If this is the case, you should seek help early. There are many companies that can provide you with guidance. For this reason, A. Farber and Partners Inc. created the R-Plan. This helpful plan is designed to help eliminate your debts painlessly. You are able to download this debt solution tool for free: https://www.afarber.com/about-farber-debt-solutions/.

We are regulated by the Federal government and have helped thousands of Canadians, for over 35 years. We would be happy to provide you with a free initial consultation, in which we evaluate your debts and inform you of all the debt solutions available to you.

Book a free Debt Solution Consultation