Many people go into their adult lives without a financial education and it sets them up for plenty of money-related strife, especially as it relates to debt. When interviewed for a study about teen spending habits, a large group of educators stated that young people were not fully educated on “complex and potentially damaging financial products.” With educators likely facing their own debt issues, getting a good financial education is pretty rare these days, leading many into debt with poor budgeting skills.
If you’re in a position where you’re struggling with your money and need help, you can turn to a Licensed Insolvency Trustee, formerly known as a bankruptcy trustee, for credit counselling help. You can receive tips to help you deal with debt along with a tailored counselling session to help you handle your finances better and set yourself up for a better life. For instance, credit counselling from David Sklar & Associates can help you:
- Build better credit
- Rebuild a poor credit rating
- Navigate what it means to “start over”
- Identify and achieve your financial goals
Not sure if credit counselling is right for you? Read on to learn about some of the warning signs of unhealthy money habits and what you can do about them.
1. You Don’t Know How to Budget
You don’t have a sense of where your money’s going on a month-to-month basis and you aren’t setting aside anything for savings. If you don’t know howto budget your money or don’t know how to stick to a budget, then counselling can help you master this important skill.
2. You Can’t Manage Your Debt
If you don’t actually have a full sense of how much debt you have, how the interest rates are affecting you, and when you need to make payments, then this is a sign that you aren’t tuned into your spending. You need to be realistic about your finances in order to plan for a future. Counselling can help.
3. You’re Often Making Late Payments
Paying bills late is a sign that you don’t have the funds in your budget to make payments. This can be for a variety of reasons but at the end of the day it means that too much of what you earn is going towards credit card payments. If you’re late in credit card payments and bills, not only is there a discrepancy between your income and spending, but your credit score is going to decline.
4. You’re Hiding Things from Family & Friends
If you find yourself hiding your spending habits and the extent of your debt from family and friends, then that’s a heavy burden to carry that is probably causing you a lot of stress. Being reluctant to share your credit or debt situation, however, is a serious sign that a problem exists.
Counselling Can Help
There are plenty of reasons why someone may end up in a difficult financial situation and it can feel like there’s no way out, but it doesn’t have to feel that way. You can get out even If you’re dealing with harmful habits like gambling, excessive shopping, taking out too many loans, etc., There’s supportive counsellors will refer you to a support agency to help you with you rissue and help you plan for your financial goals.Like What You See? Share the Story!