Sometimes it seems that debt can be prevalent in a person’s life yet there isn’t a chance to even assess its gravity. The pressures of life intervene and before you know it, there’s a serious issue at hand.
That’s why the government group Credit Counselling Canada joined with the Canadian Bankers Association to launch the Debt Money Quiz. It’s an effective “wake-up call” for people in debt to help find if they need help.
A recent study of Canadians and their financial health suggests the need for this online tool. In it, one in 10 residents admitted that they had to resort to such measures as making installment payments or payday loans to manage their debt better.
How the quiz works
The quiz itself is a pretty simple, effective way to encourage people to think more about their debt. Over a series of pages, quiz-takers are asked questions related to debt. Among the topics that are discussed:
- Do you prepare your own budget?
- How successful have you been at maintaining a budget?
- Do you use credit cards for everyday expenses?
- Do you pay beyond the minimum on your credit cards?
- Has your card ever been declined when purchasing an item?
- Have you needed to use a payday loan company to reduce debt?
- Have you received calls or letters from collection agencies?
Potential help for debt counseling
The CBA also has its own page that seeks to give Canadians resources to better manage their debt. There are five attributes it lists that are warning signs of financial distress:
- If you can’t make your minimum monthly credit card payments.
- If you don’t know the specific amount of debt you owe.
- If financial issues are at the heart of conflict in your work or family life.
- If credit cards are used to meet the basics of living expenses.
- If you feel that your debt is constantly unmanageable.
The site also suggests that people use the CCC or the Canadian Association of Credit Counselling Services (CACCS) to get some advice and guidance on debt. These groups can also intervene by crafting structured debt management plans for Canadian residents. The bank itself can also be of help. As the website for CBA points out, it is in the bank’s best interests to discuss details of the debt and help resolve it. Among those options are loan consolidation or a formal change in the terms of payments to bring some relief.
Clearly, at the heart of this effort is the empathy for a consumer’s situation that should drive any discussion around debt and how it affects people. At ARO, we also know how to help you navigate this kind of conversation as a business owner. We make it our purpose to reconcile debt with an approach that puts people first. Find out more about what we have to offer businesses at our website: http://aro-en.social5.net
