Covid Cash Vaccine Needs A Booster- U.S. Stimulus Package Is Biggest Ever, But May Not Be Big Enough
This fear is very real as the COVID-19 pandemic has many losing their income overnight. While delinquencies in the past have been low, we know some Canadians are living paycheque-to-paycheque, with little wiggle in household budgets for this sort of major income disruption.
And my fear is it’s only going to get worse.
“Our results underscore how vulnerable Canadian households are to income interruption. Over the next few months we’ll likely see an unfolding of two crises: the global pandemic and the bursting of the Canadian consumer debt bubble,” said MNP President Grant Bazian in a release.
This is a very scary time and sadly there is not a quick fix. If you can avoid it, don't resort to high-cost payday loans or high-interest credit cards.
Instead, consider the following:
But the most important step is acknowledging you might be in over your head and you can’t do it alone. There’s no shame in that. It takes courage and strength to get through this difficult time.
- Pay the minimum for now on outstanding debt
- Pay the most expensive debt first
- Cut back on everything but necessities. Don't panic buy.
- Consolidate your debt. You may even consider financing your mortgage or explore a consolidation loan.
- Consider speaking with a credit counsellor. There are programs and options available that the government has now put into place to assist you through a challenging financial situation.