In the past, before the novel coronavirus (COVID-19) people might have gone to see a financial consultant in person for debt help or otherwise, but with social distancing in effect, that is not advised right now unless absolutely essential.

However, debt help is more necessary than ever right now. The impact of COVID-19 has left many Canadians out of work and struggling to pay bills.

A report from the Canadian Centre for Policy Alternatives warns the unemployment rate could rise to 13.5%, the highest level since the Second World War.

In one week, more than 500,000 Canadians applied for employment insurance (EI). The government is also expecting more than 4 million applicants for the recently announced Canada Emergency Response Benefit (CERB).

While some government help is available — such as emergency caregiver assistance and a wage subsidy for eligible employers — these programs are still rolling out and there may be a waiting period to receive funds. And for many, the assistance provided may not be enough to get by.

Dealing with Debt to Free Up Finances

Debt payments take up a large chunk of Canadian budgets. According to Equifax Canada, the average Canadian carries $72,950 in debt. $23,800 of that is non-mortgage debt (which includes credit cards, loans and lines of credit).

Even carrying a little bit of debt can stretch your budget, especially when your income is reduced. Do you want to be putting your limited income towards credit card payments?

When every penny counts, it’s better to make that money work for you — instead of using it to repay past expenses.

The time to deal with debt is now, particularly if you have been laid off or your income has been affected by COVID-19 or otherwise.

While everyone is frightened and worried (and rightfully so), the current situation and loss of income will allow people to get much lower deals on their debts as their income has been reduced. Most creditors will be accepting any reasonable offer.

If you wait until your income has returned, the opportunity to have your debt reduced to the same extent will be gone.

How to Get Debt Help Online

The key to getting debt help online — without leaving your house — is knowing what you are looking for.

You want to find:

• A debt consultant that has an established reputation (meaning you can trust their services — this is especially important when you cannot visit their offices due to social distancing).
• A debt consultant that works in your part of the country or nationally.
• A debt consultant set up for remote access — with social distancing, you shouldn’t have to go into an office.
• A debt consultant that will review all your options.

We can only speak to our services at DebtCare Canada, but we provide exactly that. We’ve helped thousands of Canadians deal with their debt and get their finances back on track.

We act solely in your interest to ensure that you get the best possible results by utilizing federal government programs and other financial solutions to help you deal with your debt with dignity.

Our reputation is trusted and secure. We operate nationally and remain fully functional during the COVID-19 pandemic through remote operations.

How to Contact DebtCare Canada Remotely:

We know this is a stressful time and we want to assure you that DebtCare is here for you. If you are struggling, please reach out. 

• Phone: 1-888-890-0888
• Text “Help” to 1-888-890-0888
• Take our free, online assessment: https://www.debtcare.ca/form.html

You can also follow us for regular information related to dealing with your finances during COVID-19 and beyond. DebtCare is on Twitter, Facebook, and LinkedIn.

Learn more about our services at https://www.debtcare.ca.