{"id":11279,"date":"2023-06-21T11:14:53","date_gmt":"2023-06-21T18:14:53","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=11279"},"modified":"2023-06-21T11:14:53","modified_gmt":"2023-06-21T18:14:53","slug":"risky-consumer-debts-what-to-watch-for","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/risky-consumer-debts-what-to-watch-for\/","title":{"rendered":"Risky Consumer Debts \u2013 and What to Watch For"},"content":{"rendered":"<p>While using credit is nearly unavoidable for most modern consumers, some types of debt run the risk of turning into a major problem. Are you carrying a debt that could be deemed risky? BC Licensed Insolvency Trustee Blair Mantin joined CTV News Vancouver to explain key concerns about different types of debts consumers commonly have, what you should watch out for when it comes to your debt, and what you can do if you find yourself struggling to pay off your debt.<\/p>\n<p>Watch the clip here, and read more below:<br \/>\n<div class=\"responsive-iframe\"><iframe loading=\"lazy\" allow=\"encrypted-media\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/b1YFR4fNlOc\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div><\/p>\n<hr \/>\n<h2><strong>Potentially Risky Consumer Debts<\/strong><\/h2>\n<p>Although these two common types of credit can offer a short-term benefit, use caution when taking on these debts, where payments can easily become unmanageable:<\/p>\n<p><strong>Long-Term Vehicle Financing<\/strong>: Many people finance a vehicle, which is not necessarily a problem \u2013 but financing terms are now longer than ever. Even though committing to a five, seven, or even eight-year financing term is becoming more common, consider the risks of doing so:<\/p>\n<ul>\n<li>Making an unaffordable vehicle \u2018affordable\u2019 by stretching out payments over a longer term.<\/li>\n<li>Investing in an asset that will rapidly depreciate (the exact opposite of a mortgage, where your investment is expected to increase in value).<\/li>\n<li>Extended car payments can take up a big portion of your household income that could be used for savings, retirement, or even paying off other debts.<\/li>\n<\/ul>\n<p><strong>Credit Card Balances<\/strong>: Your credit has already been used and now you\u2019re committed to the payments \u2013 and the worst part about credit card debt \u2013 the high interest that accumulates on often long forgotten purchases.<\/p>\n<ul>\n<li>If you\u2019re not able to pay your balance in full each month it\u2019s easy for credit card debt to add up over time, and this often happens through frequently overspending, sometimes as a direct result of having insufficient income to meet both your household costs AND debt payments.<\/li>\n<li>The \u2018borrow-repay-borrow\u2019 cycle can be almost impossible to break.<\/li>\n<li>With an interest rate of 24% (a mid-level rate for most bank and department store cards) your debt will double every three years!<\/li>\n<li>Making only minimum monthly payments (or slightly more than) means even a relatively small balance can take years to pay off. For example, a $6,000 debt could take 40 years+ to pay off making only your minimum monthly payments and you would pay several times more in interest charges than the actual amount that you originally borrowed.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/debt-options-calculator\/\">Compare Monthly Payments with Our Debt Options Calculator<\/a><\/p>\n<h2><strong>Most Risky Consumer Debts<\/strong><\/h2>\n<p>These types of debts can point to an urgent debt problem, either present \u2013 or waiting to reveal itself:<\/p>\n<p><strong>Payday or \u2018Fast Cash\u2019 Loans<\/strong>: Payday loans are usually a \u2018last resort\u2019 type of debt used to meet daily living expenses in a hurry. Because the borrowing fees and interest charges on payday loans are extremely high, using payday loans or \u2018fast cash\u2019 advances creates a major risk of kicking off a borrowing cycle that can be even more difficult than credit cards.<\/p>\n<ul>\n<li>This type of borrowing often leads to people carrying multiple payday loans. It\u2019s not uncommon for people to become trapped in a cycle of payday loans, to have up to a dozen different loans outstanding at the same time.<\/li>\n<\/ul>\n<p><strong>Canada Revenue Agency Debts<\/strong>: Whether an unpaid balance for income taxes, business GST, or CERB overpayment \u2013 an outstanding government debt is not to be taken lightly.<\/p>\n<ul>\n<li>The government has powerful collection actions at their disposal, and, unlike many other creditors, Canada Revenue Agency can start collection action virtually overnight. You may not learn of pending action until it is already in place, including wage garnishment\/seizure, a bank account freeze, or a lien placed on your property.<\/li>\n<\/ul>\n<p>If you find yourself unable to repay your government debt, or in a situation where collection action is escalating, <a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">talk with a Licensed Insolvency Trustee<\/a> as soon as possible.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/having-government-debts-forgiven\/\">Learn More About Solutions for Having Government Debts Forgiven<\/a><\/p>\n<h2><strong>Consumer Debts to Be Cautious Of<\/strong><\/h2>\n<p>There are two additional types of consumer debt to be cautious of, particularly when it comes to trying to manage debt you already have:<\/p>\n<p><strong>Co-Signing Debt<\/strong>: As Licensed Insolvency Trustees we\u2019re regularly asked when it would be advisable to co-sign a debt for someone else \u2013 our answer: <strong>almost never<\/strong>!<\/p>\n<ul>\n<li>Co-signed debts are not a 50\/50 liability as many people believe \u2013 each person on the account is responsible for 100% of the unpaid debt if the other person does not pay.<\/li>\n<li>Getting a co-signer when you\u2019re already struggling financially often just introduces additional layers of stress and emotional responsibility \u2013 you\u2019ve now given that creditor another responsible party to pursue for payment.<\/li>\n<li>Conversely, if you\u2019re considering co-signing for someone else, understand that you are potentially letting someone else impact your monthly financial commitments and credit rating.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/what-you-should-know-about-co-signing-debts\/\">Read More About Co-Signing Debts<\/a><\/p>\n<p><strong>Using Assets as Collateral<\/strong>: Particularly if you are seeking to consolidate debt by borrowing, lenders may require you to pledge to them security over an asset to get a loan.<\/p>\n<ul>\n<li>Like co-signing, in the event you are unable to meet your repayment terms, your creditor now has additional recourse to collect upon the debt, which could include seizing and forcing the sale of the pledged asset.<\/li>\n<li>Be especially careful before taking on additional charges against your home equity \u2013 you only have so much to borrow against, not to mention potentially leaving yourself vulnerable to an interest rate increase or downturn in the housing market.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/whats-the-best-way-to-consolidate-debt\/\">Learn More About Options to Consolidate Your Debt<\/a><\/p>\n<h2><strong>Where to Get Debt Help in BC<\/strong><\/h2>\n<p>If you have concerns about any of your debts or are considering what you can do to manage your debt, reach out to a <a href=\"https:\/\/www.sands-trustee.com\/locations\/\">local Licensed Insolvency Trustee in your province<\/a>. You can safely get confidential support from a qualified and unbiased professional by contacting a Licensed Insolvency Trustee for a free debt consultation.<\/p>\n<p>Sands &amp; Associates\u2019 team of debt help experts work with people across British Columbia and our full suite of debt help services is available in person from local offices around the province, over the phone, or online \u2013 whatever is most comfortable and convenient for you.<\/p>\n<p><strong>Your debt-free future IS possible and may be closer than you think. Connect with a caring, non-judgmental Licensed Insolvency Trustee today &#8211; <\/strong><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><strong>book your free, confidential consultation now<\/strong><\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While using credit is nearly unavoidable for most modern consumers, some types of debt run the risk of turning into a major problem. Are you carrying a debt that could be deemed risky? BC Licensed Insolvency Trustee Blair Mantin joined CTV News Vancouver to explain key concerns about different types of debts consumers commonly have, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":11280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[263,260],"tags":[38,39,217,197,37,53,117,120,242,43,40,238,296,315,70,204,251,35,82,265],"class_list":["post-11279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-debt-advice","category-in-the-media","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-co-signed-debt","tag-consumer-news","tag-consumer-proposals","tag-credit-card-debt","tag-credit-counselling","tag-credit-counsellor","tag-debt-advice","tag-debt-consolidation","tag-debt-consultant","tag-debt-help","tag-debt-stress","tag-fast-cast-loans","tag-financial-stress","tag-licensed-insolvency-trustee","tag-payday-loans","tag-sands-associates","tag-tax-debt","tag-wage-garnishment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debts to Avoid \u2013 from a Debt Expert | Sands &amp; Associates BC<\/title>\n<meta name=\"description\" content=\"Are you carrying debt that could be deemed high-risk? 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