According to a recent study by Equifax, the average Canadian has $21,131 in debt (excluding mortgage debt).
If you’re struggling to make payments, you may feel like you’re out of options and have nowhere to turn. But you don’t need to go through it alone—we’re here to help.
Our advisors can guide you through different debt management options to find a personalized solution that works for you.
Here’s how you can manage debt that’s starting to feel unmanageable:
First, figure out where your money is going every month—that way, you can see where you need to make changes to your spending and saving habits.
“A lot of people have no idea how much they’re spending,” says Lisa Dion, Personal Banking Advisor at Cambrian.
“I always suggest writing the numbers out so you can see it. That’s when you have those moments of, ‘Oh, I just spent $600 on going out this month—I can’t afford that.’ Otherwise, you’re not going to know.”
Make a list of:
If you’re wondering how to pay off debt fast, it all starts with a strategy. Depending on your unique financial situation, a debt management plan can look very different from one person to the next.
Our advisors can help you navigate the next steps to make your monthly expenses more manageable, which include:
“Start by slowing down what you’re spending and find areas where you can cut back. The number one thing to do is look at your bills,” says Lisa.
“When you get your monthly statements, read through them thoroughly. Ask questions if you aren’t sure about any of the charges.”
“Do you need 3 different streaming services, or can you cut it down to just 1 a month? Find ways to pull back on what you’re spending to free up more cash.”
You can view your Cambrian monthly statements using our mobile app or through Online Banking.
Are your expenses greater than your income? If you’re facing unexpected bills and are unable to make payments, there are other options.
“You may be allowed to skip a payment on your loan or mortgage; however, this is reviewed on a case-by-case basis,” says Lisa. “We can work together to find a solution that makes sense for you.”
“If you’re having trouble affording your annual property taxes, we can help you get set up with the TIPP Program and break it into monthly payments.”
Another way to save money every month is to take advantage of free banking. With Unfee, you can bank for free. Become a Cambrian member today to save up to $234 or more every year in service fees!
Dealing with multiple sources of debt? Debt consolidation can make your payments more manageable. Here’s how:
With a PayOff Loan, you can wrap high-interest debt into one monthly payment at a lower rate.
It’s a way of restructuring your debt so that you can pay it off faster and less of your money goes towards interest.
Applying online is easy. Let’s get started on tackling your debt!
Make saving something you don’t have to think about by setting up automatic contributions to your TFSA or RRSP.
“A lot of members ask me if they should be putting savings into an RRSP or TFSA,” says Lisa. “The answer is completely dependent on the individual. I suggest you book a meeting to find which is the best product for you.”
You don’t have to manage your debt alone. At Cambrian, our advisors can put together a plan that fits best for you.
We’ll meet with you to better understand your unique financial situation and deliver a customized solution tailored to your needs.
“Finances can be stressful. We make it easier by simplifying it for you,” says Lisa.
“If you know you can’t make a payment, let’s work together to find a solution.”
We’re here to help you get debt-free—one day at a time. Contact us today to get started!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
