Once you're financially back on track, a good habit to get into is to 'pay yourself' every payday. Simply, it is taking 5% or 10% (if you can save more, that's a bonus) of your paycheque and setting it aside in a separate bank account. Or put it towards paying off a GIC loan, like above (if you get a demand loan for the GIC, that's the best, because you can pay off as much as possible as often as possible). The idea is to establish some financial discipline. You want to do things and achieve success - well, you need money. Saving 5% or 10% is not as big a sacrifice as you might think; after a while and a bit of adjustment you won't even notice it.

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Warning Signs:

Do you worry about how much you owe?
Are you unsure about the total amount of debt you owe?
Are you near or at the limit on your credit cards?
Are you making only the minimum payments?
Are you getting calls and/or letters from collectors?
Are you living from paycheque to paycheque?
Is there any money left over after you’ve paid your bills?
Have you seen a consumer credit consultant only to find out your payments to them would be higher than the payments you are currently making?
Have you considered bankruptcy as a way out?
Are you unable to regularly put money into savings/you don't have any savings?
Are you are using increasing amounts of your income to pay credit card debts?
Do you use credit cards for items like groceries you should be buying with cash?
Do you have more than two or three major credit cards and have balances on all of them?
Have you taken out cash advances or relied on your Line of Credit to pay bills or meet minimum creditor payments?
Have you been denied credit due to your debt-to-income ratio?
Are your expenses exceeding your income?
After making a credit card payment, you increase your balance by the same amount or more?
Have you been declined when you tried to use your credit card?
Have you bounced a cheque?
Are you lying to members of your family about finances and/or hiding creditor statements and bills and/or hiding purchases?
Do you and your spouse argue about money?
Are you resigned to thinking that only an inheritance or a winning lottery ticket can rid you of debt?

Did you Know?

Are you a candidate for Debt Settlement?

You qualify if you are:

An individual or family that owes at least $10,000 in unsecured debt.
Someone who cannot make or continue to make their monthly minimum payments.
Or anyone who does not want to claim bankruptcy.

Learn more about qualifying