No matter who you are, keeping up with loan payments and credit card debt can be difficult. Even people with good, well-paying jobs can struggle for years trying to pay back what they owe. If you’re retired, tackling a mountain of debt can seem downright impossible. That’s why it’s important to find an experienced guide who can help you get back on top of your finances. These days, more and more retirees in Burnaby are turning to Westgeest & Associates for help with expert debt management.
If you’re struggling with retirement debt, here are some ways to start working your way out.
Cut Back Expenses
Start looking long and hard at your bank statements and recurring living expenses. You can free up more of your money to help pay creditors by cutting back or eliminating expenses.
Look For Work
If you’re in good health, it might be a good idea to polish off your resume. By picking up a part-time job, working as a consultant or doing contract work, you’ll be in a better position to keep up with your monthly payments.
If you are in dire straits and struggling to stay afloat, take stock of everything you own and what can be sold. Liquidating your assets will give you more capital to work with and can help you keep your head above water.
Draft a Consumer Proposal
Another option is to hire a licensed insolvency trustee in Burnaby to draft a consumer proposal on your behalf. If approved, a consumer proposal can reduce your debt substantially while protecting your retirement savings from creditors.
From debt management to consumer proposals, Westgeest & Associates in Burnaby can help you escape crippling retirement debt. Tired of collection calls and missed payments? Call Westgeest & Associates today!