rebuild your worth, book a free consultation todayBook Now


KNOW YOUR NUMBERS. Budget seems like a dirty word, but never is it more important than during crisis. To know where you need to go and how to get there, you must first know where you are. Prioritize food, utilities, shelter, and transportation in that order. You need to cover your minimal survival costs first. This baseline will help you with all the other action steps.

APPLY FOR ALL BENEFITS. Find out what benefits you can qualify for and apply for all of those that might work for you. This is a time to be bold and seek out help that is readily available. Do not let pride get in the way. Be sure to understand all the terms & conditions before moving forward.

CUT COSTS. Cut your debt payments to the minimum and see if your can reduce your payments, interest or whether there is a deferral option. It is important to understand the implications of deferred payments and make an informed decision. If you were aggressively paying down debt cut that back to minimum payments only. Also, cut out
any unnecessary spending (time to get real).

GET CREATIVE. Your job is no longer available, work in your field may no longer be available but new jobs are on the rise. Can you find a part-time job, start a side gig or move your work online? Look at selling things you no longer need, dig into your talents and see if you can use them in a creative manner to generate income.

STEP AWAY FROM YOUR NEST EGG. It can be tempting to liquidate assets for cashflow currently. Do not touch your RRSP’s. This is for your retirement and RRSP’s are federally protected from your creditors. Your future self will thank you.

CAREFULLY CURATE CREDIT. This can be a slippery slope. If you have a home equity line of credit (HELOC) or other low interest rate options, hang on to them as a back up. t will be challenging to apply for new credit after a lay off. Do not fall prey to payday loans and other high interest, high fee credit options. If you are already struggling
to get on top of your debt, getting more credit could get you into a deeper hole. If you have taken all the precautions and have some available credit just in case, it could be valuable. These are extremely challenging times. You are not alone; it is okay to not be okay and there is help.

If you find yourself still struggling financially after taking all the steps outlined, reach out to a federally regulated Licensed Insolvency Trustee like Bromwich+Smith for a free debt forgiveness consultation. You can get your free consultation by calling 1.855.884.9243 press 1 or visit us at to learn more.

Add new comment

Plain text

Exit Pop Up

Stop Fueling Your Debt

5 secrets that keeps forcing your
debt to grow

Grab this exclusive report, to protect yourself from an ever growing
debt and all the pain that comes with it.

Just enter your email and receive instant access to The Report