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#MoneyMondays: Financial Hardship

A financial hardship is when someone is willing to pay their debts as they originally agreed to but is unable to do so due to a significant unexpected event or unforeseen circumstances that have seriously impacted their ability to pay.

At this point, I may sound like a broken record, consistently discussing rising Bank of Canada rates and inflationary pressures on our finances. However, today's post dives into Financial Hardship and how we, as bank clients, can get the help we need. Maybe someone in the household has lost their job, or there are maxed out debts, or maybe there is a relationship breakdown. Whichever the case, there are professionals that can help and in this post, I'm hoping to point you in the direction of some of those professionals.

  • Yourself: you play a critical role in the health of your finances. Work hard and stay disciplined so as to not take on new debt(s) and work hard to increase your income in scenarios where you can to help with your overall financial picture.

  • Your Bank: oftentimes your bank has a Financial Hardship department and with that a corresponding phone number or online messaging system clients can reach out to for a phone call back. It is usually through these programs that clients can discuss their unique situations and perhaps defer a mortgage, loan or credit card payment, or negotiate a lower interest rate.

  • A Credit Counselor, Both not-for-profit and for-profit companies offer credit counselling services. These services often offer debt management plans, and free programs such as budgeting, credit score health, etcetera. Check out the previous link to find out which would be the right fit for you.

These times are not easy and oftentimes it takes talking to someone about our situation to get the help we need. I encourage you to keep reaching out to trusted, qualified and reputable professionals for help with your finances if you're currently struggling. There is help available. Signed, Filipina Budget Girl.

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