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credit card is paying off the other\"},{\"icon\":{\"iD\":2724,\"id\":2724,\"title\":\"icons8-card-payment\",\"filename\":\"icons8-card-payment.svg\",\"filesize\":2524,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-card-payment.svg\",\"link\":\"\\/what-you-need-to-know\\/icons8-card-payment\\/\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-card-payment\",\"status\":\"inherit\",\"uploadedTo\":377,\"date\":\"2024-06-24 14:59:53\",\"modified\":\"2024-06-24 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credit to pay for essential living costs\"},{\"icon\":{\"iD\":2741,\"id\":2741,\"title\":\"icons8-money-box\",\"filename\":\"icons8-money-box.svg\",\"filesize\":2898,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"link\":\"\\/what-you-need-to-know\\/icons8-money-box\\/\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-money-box\",\"status\":\"inherit\",\"uploadedTo\":377,\"date\":\"2024-06-24 15:00:16\",\"modified\":\"2024-06-24 17:15:37\",\"menuOrder\":0,\"mimeType\":\"image\\/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"\\/wp-includes\\/images\\/media\\/default.png\",\"width\":96,\"height\":96,\"sizes\":{\"thumbnail\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"thumbnail-width\":150,\"thumbnail-height\":150,\"medium\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"medium-width\":300,\"medium-height\":300,\"mediumLarge\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"mediumLarge-width\":768,\"mediumLarge-height\":768,\"large\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"large-width\":1024,\"large-height\":1024,\"1536x1536\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"1536x1536-width\":96,\"1536x1536-height\":96,\"2048x2048\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"2048x2048-width\":96,\"2048x2048-height\":96,\"gform-image-choice-sm\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"gform-image-choice-sm-width\":96,\"gform-image-choice-sm-height\":96,\"gform-image-choice-md\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"gform-image-choice-md-width\":96,\"gform-image-choice-md-height\":96,\"gform-image-choice-lg\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\",\"gform-image-choice-lg-width\":96,\"gform-image-choice-lg-height\":96},\"relativeUrl\":\"\\/wp-content\\/uploads\\/2024\\/06\\/icons8-money-box.svg\"},\"heading\":\"\",\"text\":\"You have no savings for the unexpected\"}],\"outroText\":\"\u003Cp>It can be hard to talk about debt, but we offer a free, no-obligation, completely confidential consultation. Want to see if you need debt help? \u003Ca href=\\\"\\/debt-income-calculator\\/\\\">Try our calculator.\u003C\\/a>\u003C\\/p>\\n\",\"button\":{\"title\":\"Book a FREE consultation\",\"url\":\"https:\\/\\/www.farber.ca\\/book-a-consultation\\/\",\"target\":\"\"},\"anchorId\":\"\",\"backgroundColor\":\"bg-white\",\"padding\":[],\"iconSize\":\"96\",\"iconAlignment\":\"middle\"},{\"fieldGroupName\":\"TextEditor\",\"supertitle\":\"Learn the basics\",\"heading\":\"Understanding the meaning of debt\",\"textAlignment\":\"center\",\"wysiwygEditor\":\"\u003Cp style=\\\"text-align: left;\\\">Feeling out of control with your debt and bills can feel like a problem with no solution. One way to reduce stress is to have all the facts about how you can get out of debt.\u003C\\/p>\\n\",\"anchorId\":\"basics\",\"padding\":[\"top-padding\"],\"width\":\"8\\/12\",\"backgroundColor\":\"bg-white\",\"border\":false},{\"fieldGroupName\":\"Accordion\",\"heading\":\"\",\"type\":\"manual\",\"accordion\":[{\"title\":\"The basics of debt\",\"content\":\"\u003Cp>Debt is when you owe money to someone, like a bank or a credit card company. It can come from everyday things like using a credit card to buy groceries or bigger things like paying for school or buying a house.\u003C\\/p>\\n\u003Cp>There are different types of debt. Some can be helpful in the long run, like student loans that help you get a better job later. Others, like credit card debt from buying too many things you don’t really need, can cause problems.\u003C\\/p>\\n\u003Cp>But sometimes, there are circumstances out of your control that can cause you to have too much debt. Things like rising costs, higher interest rates, losing your job, or a family member getting sick can make it hard to manage. That’s when we’re here to help.\u003C\\/p>\\n\u003Cp>\u003Ca href=\\\"https:\\/\\/www.farber.ca\\/glossary-of-terms\\/\\\">\u003Cstrong>Understand the terminology\u003C\\/strong>\u003C\\/a>\u003C\\/p>\\n\u003Cp>\u003Cstrong>\u003Ca href=\\\"https:\\/\\/www.farber.ca\\/the-three-truths\\/\\\">The three truths about debt.\u003C\\/a>\u003C\\/strong>\u003C\\/p>\\n\"},{\"title\":\"Why choose a Licensed Insolvency Trustee (LIT)?\",\"content\":\"\u003Cp>LITs are the only experts in Canada authorized to help reduce or eliminate debt through a consumer proposal or bankruptcy.\u003C\\/p>\\n\u003Cp>\u003Ca href=\\\"https:\\/\\/www.farber.ca\\/why-a-licensed-insolvency-trustee\\/\\\">\u003Cb>What can an LIT do?\u003C\\/b>\u003C\\/a>\u003C\\/p>\\n\"}],\"faqs\":null,\"outro\":\"\",\"button\":\"\",\"anchorId\":\"basics\",\"padding\":[],\"margin\":[],\"width\":\"8\\/12\"},{\"fieldGroupName\":\"TextEditor\",\"supertitle\":\"Explore your options\",\"heading\":\"Debt solutions that work for you\",\"textAlignment\":\"center\",\"wysiwygEditor\":\"\u003Cp style=\\\"text-align: left;\\\">Personalized to you, we offer debt solutions that can reduce your stress and get you out of debt faster.\u003C\\/p>\\n\u003Ch3>What\\u2019s the best solution for you?\u003C\\/h3>\\n\u003Cp>You may not have heard of it, but a consumer proposal might be one of your best options for reducing your debt by up to 80%.\u003C\\/p>\\n\u003Ch3>What do you know about relieving your debt?\u003C\\/h3>\\n\u003Cp>There are many ways to get out of debt. The question is which one is right for you?\u003C\\/p>\\n\",\"anchorId\":\"options\",\"padding\":[\"top-padding\",\"bottom-padding\"],\"width\":\"8\\/12\",\"backgroundColor\":\"bg-gold-lightest\",\"border\":false},{\"fieldGroupName\":\"DebtPaymentCalculator\",\"introduction\":{\"heading\":\"Explore your debt-relief options with our easy-to-use calculator\",\"headingLevel\":\"h2\",\"text\":\"\u003Cp>Use this debt calculator to compare what you can save when you choose different debt-relief options. Easily find the best solution that matches your situation.\u003C\\/p>\\n\",\"button\":{\"title\":\"Find the right debt-relief option\",\"url\":\"https:\\/\\/www.farber.ca\\/debt-relief\\/\",\"target\":\"\"}},\"anchorId\":\"\",\"backgroundColor\":\"bg-gold-lightest\",\"padding\":[\"bottom-padding\"]},{\"fieldGroupName\":\"GlobalBlock\",\"globalBlock\":348,\"anchorId\":\"first-step\",\"flexBlocks\":[{\"fieldGroupName\":\"Steps\",\"introduction\":{\"supertitle\":\"Take the first step\",\"heading\":\"Book a free, confidential, no-obligation consultation \\u2013 we\\u2019ll do the rest\",\"button\":{\"title\":\"Book a FREE consultation\",\"url\":\"https:\\/\\/www.farber.ca\\/book-a-consultation\\/\",\"target\":\"\"}},\"steps\":[{\"icon\":{\"iD\":2721,\"id\":2721,\"title\":\"icons8-connected-people\",\"filename\":\"icons8-connected-people.svg\",\"filesize\":2023,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"link\":\"\\/?attachment_id=2721\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-connected-people\",\"status\":\"inherit\",\"uploadedTo\":348,\"date\":\"2024-06-24 14:59:50\",\"modified\":\"2024-06-24 16:54:55\",\"menuOrder\":0,\"mimeType\":\"image\\/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"\\/wp-includes\\/images\\/media\\/default.png\",\"width\":96,\"height\":96,\"sizes\":{\"thumbnail\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"thumbnail-width\":150,\"thumbnail-height\":150,\"medium\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"medium-width\":300,\"medium-height\":300,\"mediumLarge\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"mediumLarge-width\":768,\"mediumLarge-height\":768,\"large\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"large-width\":1024,\"large-height\":1024,\"1536x1536\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"1536x1536-width\":96,\"1536x1536-height\":96,\"2048x2048\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"2048x2048-width\":96,\"2048x2048-height\":96,\"gform-image-choice-sm\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"gform-image-choice-sm-width\":96,\"gform-image-choice-sm-height\":96,\"gform-image-choice-md\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"gform-image-choice-md-width\":96,\"gform-image-choice-md-height\":96,\"gform-image-choice-lg\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\",\"gform-image-choice-lg-width\":96,\"gform-image-choice-lg-height\":96},\"relativeUrl\":\"\\/wp-content\\/uploads\\/2024\\/06\\/icons8-connected-people.svg\"},\"text\":\"Share your story with one of our supportive team members\"},{\"icon\":{\"iD\":2719,\"id\":2719,\"title\":\"icons8-compare\",\"filename\":\"icons8-compare.svg\",\"filesize\":2280,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"link\":\"\\/?attachment_id=2719\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-compare\",\"status\":\"inherit\",\"uploadedTo\":348,\"date\":\"2024-06-24 14:59:48\",\"modified\":\"2024-06-24 16:54:55\",\"menuOrder\":0,\"mimeType\":\"image\\/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"\\/wp-includes\\/images\\/media\\/default.png\",\"width\":96,\"height\":96,\"sizes\":{\"thumbnail\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"thumbnail-width\":150,\"thumbnail-height\":150,\"medium\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"medium-width\":300,\"medium-height\":300,\"mediumLarge\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"mediumLarge-width\":768,\"mediumLarge-height\":768,\"large\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"large-width\":1024,\"large-height\":1024,\"1536x1536\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"1536x1536-width\":96,\"1536x1536-height\":96,\"2048x2048\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"2048x2048-width\":96,\"2048x2048-height\":96,\"gform-image-choice-sm\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"gform-image-choice-sm-width\":96,\"gform-image-choice-sm-height\":96,\"gform-image-choice-md\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"gform-image-choice-md-width\":96,\"gform-image-choice-md-height\":96,\"gform-image-choice-lg\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\",\"gform-image-choice-lg-width\":96,\"gform-image-choice-lg-height\":96},\"relativeUrl\":\"\\/wp-content\\/uploads\\/2024\\/06\\/icons8-compare.svg\"},\"text\":\"Review your debt-relief options together\"},{\"icon\":{\"iD\":2733,\"id\":2733,\"title\":\"icons8-timeline\",\"filename\":\"icons8-timeline.svg\",\"filesize\":2591,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"link\":\"\\/?attachment_id=2733\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-timeline\",\"status\":\"inherit\",\"uploadedTo\":348,\"date\":\"2024-06-24 15:00:03\",\"modified\":\"2024-06-24 16:54:55\",\"menuOrder\":0,\"mimeType\":\"image\\/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"\\/wp-includes\\/images\\/media\\/default.png\",\"width\":96,\"height\":96,\"sizes\":{\"thumbnail\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"thumbnail-width\":150,\"thumbnail-height\":150,\"medium\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"medium-width\":300,\"medium-height\":300,\"mediumLarge\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"mediumLarge-width\":768,\"mediumLarge-height\":768,\"large\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"large-width\":1024,\"large-height\":1024,\"1536x1536\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"1536x1536-width\":96,\"1536x1536-height\":96,\"2048x2048\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"2048x2048-width\":96,\"2048x2048-height\":96,\"gform-image-choice-sm\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"gform-image-choice-sm-width\":96,\"gform-image-choice-sm-height\":96,\"gform-image-choice-md\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"gform-image-choice-md-width\":96,\"gform-image-choice-md-height\":96,\"gform-image-choice-lg\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\",\"gform-image-choice-lg-width\":96,\"gform-image-choice-lg-height\":96},\"relativeUrl\":\"\\/wp-content\\/uploads\\/2024\\/06\\/icons8-timeline.svg\"},\"text\":\"Make a plan to help regain control of your money\"},{\"icon\":{\"iD\":3328,\"id\":3328,\"title\":\"icons8-low-price\",\"filename\":\"icons8-low-price.svg\",\"filesize\":1888,\"url\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"link\":\"\\/?attachment_id=3328\",\"alt\":\"\",\"author\":\"6\",\"description\":\"\",\"caption\":\"\",\"name\":\"icons8-low-price\",\"status\":\"inherit\",\"uploadedTo\":348,\"date\":\"2024-07-22 09:49:42\",\"modified\":\"2024-07-22 09:49:42\",\"menuOrder\":0,\"mimeType\":\"image\\/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"\\/wp-includes\\/images\\/media\\/default.png\",\"width\":96,\"height\":96,\"sizes\":{\"thumbnail\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"thumbnail-width\":150,\"thumbnail-height\":150,\"medium\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"medium-width\":300,\"medium-height\":300,\"mediumLarge\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"mediumLarge-width\":768,\"mediumLarge-height\":768,\"large\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"large-width\":1024,\"large-height\":1024,\"1536x1536\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"1536x1536-width\":96,\"1536x1536-height\":96,\"2048x2048\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"2048x2048-width\":96,\"2048x2048-height\":96,\"gform-image-choice-sm\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"gform-image-choice-sm-width\":96,\"gform-image-choice-sm-height\":96,\"gform-image-choice-md\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"gform-image-choice-md-width\":96,\"gform-image-choice-md-height\":96,\"gform-image-choice-lg\":\"https:\\/\\/www.farber.ca\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\",\"gform-image-choice-lg-width\":96,\"gform-image-choice-lg-height\":96},\"relativeUrl\":\"\\/wp-content\\/uploads\\/2024\\/06\\/icons8-low-price.svg\"},\"text\":\"Start lowering your debt and easing your stress\"}],\"showArrows\":true,\"anchorId\":\"\"}]},{\"fieldGroupName\":\"TrustpilotReviewSlider\",\"anchorId\":\"\"},{\"fieldGroupName\":\"ArticleCards\",\"heading\":\"The truth about debt\",\"cards\":[{\"ID\":2410,\"post_author\":\"6\",\"post_date\":\"2023-09-18 14:28:01\",\"post_date_gmt\":\"2023-09-18 18:28:01\",\"post_content\":\"Money can sometimes feel like one big, hard hike that you, alone, must conquer. Usually, when attempting a hike, the trail will have markers to help you \\u2013 but oftentimes, they can be hard to solve or even outdated.\\r\\n\\r\\nSimilar to markers on a long hike, there actually are some signs that can give you insight into a common money question \\u2013 do I have a debt or a budget problem? But first, let's dig into the difference between the two.\\r\\n\u003Ch2 id=\\\"h-unmanageable-debt-vs-budget-problems\\\">Unmanageable debt vs. budget problems\u003C\\/h2>\\r\\nA debt problem is when you owe a large amount of money that feels overwhelming. Unmanageable debt can look like having trouble repaying your bills, and the amount you owe keeps growing.\\r\\n\\r\\nOn the other hand, a budget problem is when you spend more than what you earn, which is called \\u201crunning on a deficit.\\u201d It happens when you're not paying attention to how much you're spending and not putting money aside for the future.\\r\\n\u003Ch2 id=\\\"h-how-do-you-know-if-you-have-a-debt-or-a-budget-problem\\\">How do you know if you have a debt or a budget problem?\u003C\\/h2>\\r\\nNow that you know the difference between debt and budget problems, here are five ways to help you determine which issue you might be facing:\\r\\n\u003Ch3 id=\\\"h-1-track-your-expenses\\\">1. Track your expenses\u003C\\/h3>\\r\\nStart by keeping track of your spending by \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/five-tips-for-tracking-spending\\/\\\" rel=\\\"noreferrer noopener\\\">choosing a method that works best for you\u003C\\/a>. Some people swear by\u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/canadian-coupon-apps\\/\\\" rel=\\\"noreferrer noopener\\\"> a certain app\u003C\\/a>, while others write down their purchases \\u2013 but the most important thing is that you write down everything you\\u2019re spending on.\\r\\n\\r\\n\\\"Track your daily expenses for at least a month,\\\" said \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/person\\/sonya-strand\\/\\\" rel=\\\"noreferrer noopener\\\">Sonya Strand\u003C\\/a>, a \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/what-is-a-licensed-insolvency-trustee\\/\\\" rel=\\\"noreferrer noopener\\\">Licensed Insolvency Trustee with Farber\u003C\\/a> for 15 years. \\\"That's going to give you your baseline as to what you can absolutely manage without tapping into credit.\\\"\\r\\n\\r\\nAt the end of the month, look at your expenses. If your spending exceeds your income consistently, it could be a sign of a budget problem. But, if you're struggling to make minimum debt payments, you may have a debt problem.\\r\\n\u003Ch3 id=\\\"h-2-calculate-your-debt-to-income-ratio\\\">2. Calculate your debt-to-income ratio\u003C\\/h3>\\r\\nYour debt-to-income ratio is another useful way to assess your financial health.\\r\\n\\r\\nAdd up all your monthly debt payments (credit cards, loans, mortgages) and divide it by your monthly income. If the number is higher than 36%, you may have a debt problem, as a significant portion of your income is going toward paying off debt.\\r\\n\u003Ch3 id=\\\"h-3-review-your-credit-card-statements\\\">3. Review your credit card statements\u003C\\/h3>\\r\\nThis month, keep a close eye on your credit card statements. Are you only making the minimum payment on your credit card? Are you constantly \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/what-is-the-best-way-to-handle-credit-card-debt\\/\\\" rel=\\\"noreferrer noopener\\\">maxing them out\u003C\\/a> or using them to cover unexpected expenses? If so, it may be a sign that you're collecting debt at an unmanageable rate.\\r\\n\\r\\nOn the flip side, if you're using credit to cover expenses until payday but pay them back in due time, you may have a budgeting problem.\\r\\n\u003Ch3 id=\\\"h-4-check-your-savings\\\">4. Check your savings\u003C\\/h3>\\r\\nHaving an \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/the-critical-importance-of-an-emergency-fund\\/\\\" rel=\\\"noreferrer noopener\\\">emergency fund\u003C\\/a> is crucial to help you handle unexpected financial issues. If you don't have savings or struggle to save money each month, it could mean you have a budget problem. Without savings, you may need to rely on credit cards or loans when unexpecting expenses arise.\\r\\n\\r\\n\\\"Circumstances change \\u2013 the cost of living increases or a loved one gets sick,\\\" said Strand. \\\"That's why most people should budget because it gives them control over their finances, allows them to meet their goals, and prevents financial turmoil.\\\"\\r\\n\u003Ch3 id=\\\"h-5-evaluate-your-financial-goals\\\">5. Evaluate your financial goals\u003C\\/h3>\\r\\nAre you making progress toward your financial goals, or do you find saving for the things you want impossible? If your financial goals are consistently out of reach, your budget might need an adjustment.\\r\\n\\r\\nOn the other hand, if you're unable to make any progress due to high debt payments, it could be a sign of a debt problem.\\r\\n\u003Ch2 id=\\\"h-the-final-word\\\">The final word\u003C\\/h2>\\r\\nIf you've reached the end of the month of tracking and found you\\u2019re overspending in multiple areas \\u2013 it's time to \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/whats-the-best-way-to-budget\\/\\\" rel=\\\"noreferrer noopener\\\">create a budget\u003C\\/a>.\\r\\n\\r\\n\\\"A good place to start with managing any unforeseen expenses is to have a budget in place,\\\" said Strand. \\\"People tend to think of it as a money diet when it's really a plan.\\\"\\r\\n\\r\\nIf you've discovered you have a debt problem, a \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/how-we-help\\/consumer-proposal\\/\\\" rel=\\\"noreferrer noopener\\\">Consumer Proposal\u003C\\/a> may be a good option to consider. A Consumer Proposal is a legally binding document that can only be submitted on your behalf by an LIT, like Sonya, and is regulated by the \u003Ca href=\\\"https:\\/\\/www.canada.ca\\/en\\/innovation-science-economic-development\\/news\\/2022\\/11\\/need-help-with-your-debt-ask-questions-and-shop-around-to-avoid-paying-unnecessary-fees.html\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">Canadian Government\u003C\\/a>. It can reduce your debt by up to 80% of what you owe, and the rest is combined into one monthly payment based on what you can actually afford.\\r\\n\\r\\nIf you're feeling overwhelmed by your debt and you need help figuring out where to start, \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/contact-us\\/\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">contact us\u003C\\/a> at Farber today. We're here to give you the tools to help you feel confident and relieved that a solution for your debt is possible.\",\"post_title\":\"Debt vs. Budget Problems: Key Differences Explained\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"difference-between-debt-and-budget-problems\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-01-10 07:49:05\",\"post_modified_gmt\":\"2025-01-10 12:49:05\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/blog\\/difference-between-debt-and-budget-problems\\/\",\"menu_order\":0,\"post_type\":\"blog\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":2431,\"post_author\":\"6\",\"post_date\":\"2022-10-05 20:38:05\",\"post_date_gmt\":\"2022-10-06 00:38:05\",\"post_content\":\"\u003C!-- wp:paragraph -->\\r\\n\u003Cp>\\u201cThe worst was the collector calling me during my grandson\\u2019s birthday party - he was yelling at me and demanding payment,\\u201d said James\u003Cstrong>*\u003C\\/strong>, remembering the stress he experienced dealing with debt collectors. \\u201cThey\\u2019d also call early every morning \\u2013 even on weekends \\u2013 I finally had no choice but to turn off my phone.\\u201d\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>James is just one of the thousands of Canadians who have struggled with the stress of constant phone calls, emails, and texts from debt collection agencies.\\u00a0Sometimes they\\u2019d call every hour, which eventually caused him to reach out to us for assistance.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading -->\\r\\n\u003Ch2 id=\\\"h-why-am-i-getting-collection-calls\\\">Why am I getting collection calls?\u003C\\/h2>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Why would the people you owe money to hire a \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/know-your-rights-collection-agencies\\/\\\" rel=\\\"noreferrer noopener\\\">collection agency\u003C\\/a>?\\u00a0When a debt is unpaid and becomes overdue, banks and other lenders turn to debt collection agencies to chase down the person who owes them money. Collection agencies receive a percentage of any debt amount collected, so the more persistent their attempts, the greater their potential payday. That can mean constant calls, texts, emails, a registered letter sent through \u003Ca href=\\\"https:\\/\\/www.canadapost-postescanada.ca\\/cpc\\/en\\/home.page\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">Canada Post\u003C\\/a>, and even phone calls to friends, family members, and employers.\\u00a0No one wants their boss told they are behind on their credit card or loan payments!\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Collection agencies also have legal methods available to force you to pay. It\\u2019s not unusual for a collection agency to take someone who owes them money to court. If the presiding judge rules in favour of the collection agency, a \u003Ca href=\\\"https:\\/\\/www.canada.ca\\/en\\/revenue-agency\\/services\\/tax\\/businesses\\/topics\\/payroll\\/payroll-overview\\/life-events-employees\\/garnishment-employees-wages.html\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">garnishment order\u003C\\/a> is sent out to the person\\u2019s employer, and money is deducted from each pay.\\u00a0Bank accounts can also be \u003Ca href=\\\"https:\\/\\/farbertax.com\\/blog\\/my-bank-account-frozen-by-the-cra-now-what\\/\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">frozen\u003C\\/a> - any funds found are then sent to the creditors.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading -->\\r\\n\u003Ch2 id=\\\"h-how-to-stop-collection-calls\\\">How to stop collection calls\u003C\\/h2>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>So, what can be done to stop all of this? The good news is a \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/how-we-help\\/consumer-proposal\\/\\\" rel=\\\"noreferrer noopener\\\">Consumer Proposal\u003C\\/a> can be leveraged to immediately end any collection agency action. A licensed insolvency trustee can put into place a \\u201cstay of proceedings\\u201d which will \\u201cstay\\u201d (or stop) all legal action, as well as put an end to all collection calls.\\u00a0Think of a \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/consumer-proposal\\/\\\" rel=\\\"noreferrer noopener\\\">Consumer Proposal\u003C\\/a> as a massive wall constructed by you and the collection agencies.\\u00a0Your creditors cannot penetrate the wall once your Consumer Proposal is filed.\\u00a0 And only a licensed Insolvency Trustee can build and \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/start-here\\/\\\" rel=\\\"noreferrer noopener\\\">support the wall\u003C\\/a>.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Once that wall created by a Consumer Proposal is in place, the Trustee notifies all creditors of your filing, processes all paperwork (they have 45 days in which to vote to accept, reject, or negotiate a counteroffer), and supervises the entire Proposal process for you, from start to finish.\\u00a0\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Best of all, the moment the Proposal is officially filed with the court, all further interest and penalties stop dead. This provides further relief for you because now the negotiations with the creditors are about a fixed settlement amount, which could be as little as 20 to 30 percent of what you originally owed.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>A Consumer Proposal can provide you with both peace of mind and an end to the constant harassment from creditors and collection agencies. It\\u2019s an affordable way to get rid of bad debt and obtain a fresh start financially.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Are you getting constant collection calls? We're here to help! Let us help you get back on track financially by \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/contact-us\\/\\\" rel=\\\"noreferrer noopener\\\">contacting us\u003C\\/a> today.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp> \u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>\u003Cstrong>*\u003C\\/strong>not his real name.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\",\"post_title\":\"How to Legally Stop Collection Calls and Protect Yourself\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"how-to-stop-collection-calls\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-01-10 07:42:54\",\"post_modified_gmt\":\"2025-01-10 12:42:54\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/blog\\/how-to-stop-collection-calls\\/\",\"menu_order\":0,\"post_type\":\"blog\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":2409,\"post_author\":\"6\",\"post_date\":\"2023-10-10 21:20:12\",\"post_date_gmt\":\"2023-10-11 01:20:12\",\"post_content\":\"\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Ever feel like your paycheque hits your account and vanishes before you can blink? Between bills, loans, and everyday expenses that keep climbing, it\\u2019s easy for debt to take more than its fair share. That\\u2019s where your debt-to-income ratio (DTI) comes in.\u003C\\/p>\\r\\n\u003Ch2>What Is a Debt-to-Income Ratio (DTI)?\u003C\\/h2>\\r\\n\u003Cp>Your debt-to-income ratio in Canada is like a quick pulse check on your finances. It shows how much of your income goes toward debt \\u2014 and whether things are balanced or getting a little too tight.\u003C\\/p>\\r\\n\u003Cp>Simply put, it measures how much of your gross monthly income (before taxes) goes toward paying off debt \\u2014 and includes things like credit card balances, car loans, student loans, and mortgages.\u003C\\/p>\\r\\n\u003Ch2>What Is a Good Debt-to-Income Ratio in Canada?\u003C\\/h2>\\r\\n\u003Cp>Everyone\\u2019s situation is a bit different, but lenders in Canada generally use these DTI levels as a guide:\u003C\\/p>\\r\\n\u003Cul>\\r\\n\u003Cli>\u003Cstrong>Below 36%:\u003C\\/strong> You\\u2019re in good shape. This range shows your debt is manageable, leaving room for saving and spending on essentials.\u003C\\/li>\\r\\n\u003Cli>\u003Cstrong>36%\\u201349%:\u003C\\/strong> You\\u2019re managing, but new credit could be tougher to qualify for or come with higher interest rates.\u003C\\/li>\\r\\n\u003Cli>\u003Cstrong>50% or higher:\u003C\\/strong> You\\u2019re likely feeling stretched. A high DTI means too much of your income is going toward debt, which can make it harder to keep up with payments or qualify for new credit.\u003C\\/li>\\r\\n\u003C\\/ul>\\r\\n\u003Cp>Most mortgage lenders in Canada look for a debt-to-income ratio under 42% when deciding if you can handle a loan.\u003C\\/p>\\r\\n\u003Ch2>Why Does DTI Matter?\u003C\\/h2>\\r\\n\u003Ch3>1. It Affects Loan and Mortgage Approvals\u003C\\/h3>\\r\\n\u003Cp>When you \u003Ca href=\\\"\\/blog\\/credit-score-myths\\\">apply for new credit\u003C\\/a>, banks and lenders look at your debt-to-income ratio in Canada to see if you can realistically take on another payment. A high DTI may make them think twice about \u003Ca href=\\\"\\/blog\\/how-a-consumer-proposal-can-impact-mortgage-renewal\\\">approving your loan or mortgage\u003C\\/a>.\u003C\\/p>\\r\\n\u003Ch3>2. It Impacts Your Day-to-Day Cash Flow\u003C\\/h3>\\r\\n\u003Cp>If most of your income goes toward debt, it leaves less for groceries, rent, savings, or emergencies. Over time, that can lead to stress and financial burnout.\u003C\\/p>\\r\\n\u003Ch3>3. It Shapes Your Financial Future\u003C\\/h3>\\r\\n\u003Cp>A lower DTI opens more doors. You\\u2019ll find it easier to qualify for loans, plan for bigger goals like buying a home, and build long-term stability.\u003C\\/p>\\r\\n\u003Ch2>How to Calculate Your DTI\u003C\\/h2>\\r\\n\u003Cp>You don\\u2019t need a fancy spreadsheet to figure it out \\u2014 your calculator app works just fine. Here\\u2019s how to calculate your debt-to-income ratio in Canada step by step:\u003C\\/p>\\r\\n\u003Col>\\r\\n\u003Cli>Add up your monthly debt payments (credit cards, loans, car payments, mortgage, etc.).\u003C\\/li>\\r\\n\u003Cli>Divide that total by your gross monthly income (what you make before taxes).\u003C\\/li>\\r\\n\u003Cli>Multiply by 100 to get your percentage.\u003C\\/li>\\r\\n\u003C\\/ol>\\r\\n\u003Cp>For example, if your monthly debt payments are $1,200 and your income before taxes is $4,000, your DTI would be:\u003C\\/p>\\r\\n\u003Cp>(1,200 \\u00f7 4,000) \\u00d7 100 = 30%\u003C\\/p>\\r\\n\u003Cp>That means 30% of your income is going toward paying down debt each month. The lower your DTI, the more financial breathing room you have.\u003C\\/p>\\r\\n\u003Cp>If you don\\u2019t feel like doing the math yourself, you can \u003Ca href=\\\"\\/debt-income-calculator\\\">try Farber\\u2019s free DTI calculator\u003C\\/a> to find your number in seconds and see where you stand.\u003C\\/p>\\r\\n\u003Ch2>How to Lower Your Debt-to-Income Ratio\u003C\\/h2>\\r\\n\u003Cp>If your DTI levels are higher than you\\u2019d like, don\\u2019t panic. You can absolutely turn things around\\u2014it just takes a few small, consistent changes.\u003C\\/p>\\r\\n\u003Ch3>Create a Realistic Budget\u003C\\/h3>\\r\\n\u003Cp>Skip the complicated spreadsheets. A good budget is one you\\u2019ll actually stick to. Start by listing your income and expenses, then track your spending for a month.\u003C\\/p>\\r\\n\u003Cp>Once you see where your money\\u2019s going, you\\u2019ll spot easy areas to cut back (like unused subscriptions or too many takeout nights). Small adjustments can free up cash to pay down debt and gradually lower your debt-to-income ratio in Canada.\u003C\\/p>\\r\\n\u003Ch3>Pay Down High-Interest Debts First\u003C\\/h3>\\r\\n\u003Cp>Tackle the expensive stuff first. Focus on credit cards and payday loans since their interest eats away at your progress. Whether you prefer the avalanche method (highest interest first) or the snowball approach (smallest debts first), the key is momentum.\u003C\\/p>\\r\\n\u003Ch3>Simplify with Debt Consolidation\u003C\\/h3>\\r\\n\u003Cp>Juggling multiple payments? Consider a \u003Ca href=\\\"\\/debt-consolidation\\\">debt consolidation loan\u003C\\/a> to roll them into one monthly payment, often at a lower interest rate. It can make managing debt easier and reduce stress. Just make sure you don\\u2019t take on new debt while paying it off.\u003C\\/p>\\r\\n\u003Ch3>Find Ways to Boost Income\u003C\\/h3>\\r\\n\u003Cp>Sometimes, improving your DTI isn\\u2019t about spending less, it\\u2019s about earning more. Ask for a raise, pick up a side gig, or sell unused items online. Even a small income bump can help balance things out faster.\u003C\\/p>\\r\\n\u003Ch3>Press Pause on New Debt\u003C\\/h3>\\r\\n\u003Cp>While you\\u2019re lowering your DTI, hold off on big purchases or new credit cards. Those \\u201cbuy now, pay later\\u201d deals can sneak your ratio back up. Give yourself time to breathe before adding anything new.\u003C\\/p>\\r\\n\u003Ch3>Explore Debt Relief Options\u003C\\/h3>\\r\\n\u003Cp>If your debt feels unmanageable, it might be time for outside help.\u003C\\/p>\\r\\n\u003Cp>A \u003Ca href=\\\"\\/consumer-proposal\\\">consumer proposal\u003C\\/a> through a \u003Ca href=\\\"\\/blog\\/what-is-a-licensed-insolvency-trustee\\\">Licensed Insolvency Trustee\u003C\\/a> can reduce what you owe on unsecured debt by up to 80%, stop interest, and help you regain control of your finances \\u2014 and all while protecting your assets.\u003C\\/p>\\r\\n\u003Ch3>Stay Consistent\u003C\\/h3>\\r\\n\u003Cp>DTI improvement takes time, but every payment and smart decision adds up. Recheck your ratio every few months using Farber\\u2019s DTI calculator to track your progress. Seeing that number go down? That\\u2019s motivation to keep going.\u003C\\/p>\\r\\n\u003Ch2>How Farber Can Help\u003C\\/h2>\\r\\n\u003Cp>If your debt-to-income ratio in Canada feels like it\\u2019s weighing you down, you don\\u2019t have to figure it out alone.\u003C\\/p>\\r\\n\u003Cp>At Farber, our Licensed Insolvency Trustees help Canadians find practical ways to manage debt, from budgeting and consolidation to debt relief options like consumer proposals.\u003C\\/p>\\r\\n\u003Cp>We also offer a \u003Ca href=\\\"\\/debt-income-calculator\\\">free DTI calculator\u003C\\/a> that lets you quickly see where you stand and how different changes can improve your financial outlook.\u003C\\/p>\\r\\n\u003Cp>Take the first step toward a healthier financial future. Book a free consultation today and find out how to lower your DTI and get back on solid ground.\u003C\\/p>\\r\\n\u003Ch2>FAQs About Debt-to-Income Ratio in Canada\u003C\\/h2>\\r\\n\u003Ch3>What Is the Average Debt-to-Income Ratio in Canada?\u003C\\/h3>\\r\\n\u003Cp>As of 2025, \u003Ca href=\\\"https:\\/\\/www.canadianmortgagetrends.com\\/2025\\/09\\/household-debt-to-income-ratio-ticked-higher-in-q2-statistics-canada\\/#:~:text=September%2011%2C%202025-,Household%20debt%2Dto%2Dincome%20ratio%20ticked%20higher%20in%20Q2:,almost%2075%25%20of%20the%20total.\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Canada\\u2019s average household debt-to-income ratio sits around 170%\u003C\\/a>. That means Canadians owe about $1.70 for every dollar they earn. Ideally, your personal DTI should stay under 42%.\u003C\\/p>\\r\\n\u003Ch3>What Are Ideal DTI Levels for a Mortgage?\u003C\\/h3>\\r\\n\u003Cp>Most lenders prefer to see DTI levels below 36% to 42% for mortgage approval. Anything higher can affect how much you\\u2019re allowed to borrow.\u003C\\/p>\\r\\n\u003Ch3>Can a Consumer Proposal Help Lower My DTI?\u003C\\/h3>\\r\\n\u003Cp>Yes. A consumer proposal can reduce your unsecured debt, simplify your payments, and improve your debt-to-income ratio over time.\u003C\\/p>\\r\\n\u003Ch3>Is There a DTI Calculator for Canada?\u003C\\/h3>\\r\\n\u003Cp>Yes! You can \u003Ca href=\\\"\\/debt-income-calculator\\\">try Farber\\u2019s free DTI calculator\u003C\\/a> to see how your debt compares to your income and track your progress over time. It\\u2019s fast, easy, and helps you understand where your money\\u2019s going.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\",\"post_title\":\"Debt-to-Income Ratio Canada: What It Is and Why It Matters\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"debt-to-income-ratio-canada\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-11-11 11:46:39\",\"post_modified_gmt\":\"2025-11-11 16:46:39\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/blog\\/debt-to-income-ratio-canada\\/\",\"menu_order\":0,\"post_type\":\"blog\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":2421,\"post_author\":\"6\",\"post_date\":\"2023-05-19 17:44:26\",\"post_date_gmt\":\"2023-05-19 21:44:26\",\"post_content\":\"If debt is making your life a little (or a lot) harder to manage, you are likely looking for ways to get things back under control. Good for you \\u2014 taking that first step is huge! You might have come across the term Licensed Insolvency Trustee (LIT) in your search, and if you are not exactly sure what it means or how a LIT could help, you\\u2019re in the right place. Let us break it down: Licensed Insolvency Trustees (LITs) are professionals in Canada who are trained and authorized to help people and businesses manage their debt and find the right solution. They are the only professionals legally allowed to file a bankruptcy or \u003Ca href=\\\"\\/blog\\/what-is-a-consumer-proposal\\\">consumer proposal\u003C\\/a> for you. So, if you\\u2019re looking for real, sustainable \u003Ca href=\\\"\\/debt-relief\\\">debt relief\u003C\\/a>, a LIT is a great person to have in your corner.\\r\\n\u003Ch2 aria-level=\\\"2\\\">Understanding the Role of a Licensed Insolvency Trustee\u003C\\/h2>\\r\\nSo, what exactly does a LIT do, and why should you care? LITs are like your financial lifeline when things feel overwhelming. They are regulated by the Office of the Superintendent of Bankruptcy (OSB) \\u2014 a part of the Canadian federal government that oversees insolvency matters. LITs act as neutral third parties, helping both you and your creditors reach a fair solution that works for everyone. And becoming a Licensed Insolvency Trustee? It is not an easy path. It requires years of education, training, and passing rigorous exams. So when you are working with a LIT, you can be sure they know what they are talking about.\\r\\n\u003Ch2 aria-level=\\\"2\\\">Key Responsibilities of Licensed Insolvency Trustees\u003C\\/h2>\\r\\nA LIT wears a lot of hats when it comes to helping you with your finances. Here is what they do:\\r\\n\u003Ch3 aria-level=\\\"3\\\">1. Assess Your Financial Situation\u003C\\/h3>\\r\\nOne of the first things a LIT will do is take a deep dive into your finances. They will look at your income, debts, expenses, and assets to get a full picture of what\\u2019s going on. From there, they will help you figure out what debt solution makes the most sense for you.\\r\\n\u003Ch3 aria-level=\\\"3\\\">2. Provide Financial Counselling\u003C\\/h3>\\r\\nIt is not just about paying off debt: LITs offer broader financial counselling to help you with budgeting, managing your money better, and setting you up for future success. It is all about making sure you have the tools to not only solve your current financial problems but to avoid them \\u2014 and debt \\u2014 in the future.\\r\\n\u003Ch3 aria-level=\\\"3\\\">3. Manage Debt Solutions\u003C\\/h3>\\r\\nLITs are the only professionals in Canada authorized to file legal debt relief options like Consumer Proposals or bankruptcies. If either of these solutions fits your situation, they will guide you through the process step by step, making sure everything is clear and smooth.\\r\\n\u003Ch2 aria-level=\\\"2\\\">Services Offered by Licensed Insolvency Trustees\u003C\\/h2>\\r\\nIf your debt has become too much to manage, the last thing you should do is take out a\\u202f\u003Ca href=\\\"\\/blog\\/payday-loans-alternatives\\\">payday loan\u003C\\/a>. With astronomical interest rates, choosing a payday loan is a temporary solution that will only make your situation worse in the long run. That is why, \u003Ca href=\\\"https:\\/\\/www.ic.gc.ca\\/app\\/scr\\/tds\\/web\\/?lang=eng\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">when you reach out to a LIT\u003C\\/a>, you will find they offer a range of services designed to help you get your finances back on track. Here is what they can do for you:\\r\\n\u003Ch3 aria-level=\\\"3\\\">Consumer Proposals\u003C\\/h3>\\r\\nA Consumer Proposal is like a legal offer to your creditors to pay back a portion of your debt over time. It is a fantastic option if you want to avoid bankruptcy but cannot afford to pay back the full amount you owe. LITs are the only people who can file these proposals for you.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Bankruptcy Administration\u003C\\/h3>\\r\\nIf your financial situation has reached the point where bankruptcy is the best option, a LIT is there to help. They will walk you through the entire process, from filing the paperwork to managing your assets, so you can get the fresh financial start you need.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Debt Management Plans\u003C\\/h3>\\r\\nIf your debt feels overwhelming but you are not ready for a Consumer Proposal or bankruptcy, a debt management plan can help you take control. It is not about consolidating your debts, \u003Ca href=\\\"\\/blog\\/why-setting-financial-goals-is-important\\\">but about implementing smart strategies to manage and reduce them over time\u003C\\/a>. With this plan, you can combine your debts into one monthly payment, which you pay to them, and they distribute the funds to your creditors. This simplifies the repayment process, making it easier to manage your finances and work toward becoming debt-free.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Plans for Financial Success\u003C\\/h3>\\r\\nStart by creating a realistic budget, tracking your income and expenses to see where you can cut back, \u003Ca href=\\\"\\/blog\\/how-to-motivate-yourself-to-save-money\\\">save more\u003C\\/a>, and allocate more funds toward debt repayment. Next, prioritize your debts \\u2014 consider the \\\"debt avalanche\\\" method, where you focus on paying off the highest-interest debt first, then move on to the next. This approach helps reduce the amount of interest you pay over time, making it easier to stay on top of your financial obligations. Stay consistent, and as your payments chip away at your debt, you will find yourself getting closer to financial freedom.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Financial Counselling\u003C\\/h3>\\r\\nFinancial counselling is a huge part of what LITs offer. They will work with you to develop better financial habits and ensure you \u003Ca href=\\\"\\/debt-counselling\\\">have a solid plan moving forward\u003C\\/a> to avoid similar financial issues in the future.\\r\\n\u003Ch2 aria-level=\\\"2\\\">The Process of Working with a Licensed Insolvency Trustee\u003C\\/h2>\\r\\nIf you are wondering how working with a LIT works, here is a simple breakdown of the process:\\r\\n\u003Ch3 aria-level=\\\"3\\\">1. Free Consultation\u003C\\/h3>\\r\\nThe first step is to have a free consultation. This is where the LIT will assess your financial situation and start thinking about potential solutions. It is also a chance for you to ask questions and feel out the process.\\r\\n\u003Ch3 aria-level=\\\"3\\\">2. Discuss Your Options\u003C\\/h3>\\r\\nAfter they have had a chance to review your situation, the LIT will lay out your options. Whether it is a Consumer Proposal, bankruptcy, or another solution, they will explain everything in detail and help you make the best decision for your situation.\\r\\n\u003Ch3 aria-level=\\\"3\\\">3. Putting a Plan in Place\u003C\\/h3>\\r\\nOnce you have chosen the right solution, your LIT will get to work putting your plan into action. They will take care of the paperwork, communicate with your creditors, and make sure everything runs smoothly.\\r\\n\u003Ch3 aria-level=\\\"3\\\">4. Ongoing Support\u003C\\/h3>\\r\\nEven after your plan is in place, your LIT will continue to provide support. From counselling to guidance, they are there to help you stay on track and get your financial life back in order.\\r\\n\u003Ch2 aria-level=\\\"2\\\">Benefits of Working with a Licensed Insolvency Trustee\u003C\\/h2>\\r\\nThere are some major benefits to working with a LIT. Here are just a few:\\r\\n\u003Ch3 aria-level=\\\"3\\\">Expert Guidance\u003C\\/h3>\\r\\nLITs are experts in debt relief. They have gone through years of training and are fully equipped to give you the best advice for your situation.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Legal Protection\u003C\\/h3>\\r\\nWhen you work with a LIT, you get access to legal debt relief solutions that are protected by federal law. This means your creditors must stop collection efforts, which can give you some much-needed breathing room.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Non-Judgmental Support\u003C\\/h3>\\r\\nTalking about your financial struggles can be tough, but LITs are here to help, not judge. They understand that financial issues happen to the best of us, and their goal is to provide a safe, supportive environment.\\r\\n\u003Ch3 aria-level=\\\"3\\\">Personalized Solutions\u003C\\/h3>\\r\\nEveryone\\u2019s financial situation is unique. LITs will create a plan that is personalized to your specific needs, making sure you get the best possible outcome.\\r\\n\u003Ch2 aria-level=\\\"2\\\">Learn How Farber Can Help\u003C\\/h2>\\r\\nIf you are feeling overwhelmed by debt, remember that you don\\u2019t have to tackle it alone. At Farber Debt Solutions, our Licensed Insolvency Trustees are here to help you find the right solution, all while offering the judgment-free, supportive environment you deserve. \u003Ca href=\\\"\\/book-a-consultation\\\">Contact us today for a free consultation\u003C\\/a>. We are here to listen and guide you towards a better financial future.\",\"post_title\":\"What is a Licensed Insolvency Trustee and What Do They Do?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"what-is-a-licensed-insolvency-trustee\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-01-10 07:53:20\",\"post_modified_gmt\":\"2025-01-10 12:53:20\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/blog\\/what-is-a-licensed-insolvency-trustee\\/\",\"menu_order\":0,\"post_type\":\"blog\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":2455,\"post_author\":\"6\",\"post_date\":\"2020-07-24 20:49:50\",\"post_date_gmt\":\"2020-07-25 00:49:50\",\"post_content\":\"\u003C!-- wp:heading -->\\r\\n\u003Ch2 id=\\\"h-how-to-deal-with-debt-and-unemployment\\\" class=\\\"wp-block-heading\\\">How to Deal with Debt and Unemployment\u003C\\/h2>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Paying off debt can be difficult for anyone. Bills keep coming, interest keeps adding up, and it can feel like there is no end. The situation becomes even more difficult if you lose your job. Dealing with debt when you\\u2019re unemployed takes a stressful situation and makes it almost unbearable. However, there are things you can do to deal with debt if when you\\u2019re not working.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Here are some \u003Ca href=\\\"\\/blog\\/how-to-handle-credit-card-debt\\/\\\">tips for handling debt\u003C\\/a> when you\\u2019re unemployed.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading {\\\"level\\\":3} -->\\r\\n\u003Ch3 id=\\\"h-pay-in-cash\\\" class=\\\"wp-block-heading\\\">Pay in Cash\u003C\\/h3>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>It\\u2019s nearly impossible to pay off debt if you are continuing to add on new debt. The solution is to stop using \u003Ca href=\\\"https:\\/\\/www.afarber.com\\/blog\\/how-to-pay-off-credit-card-debt-wisely\\/\\\">credit cards\u003C\\/a> whenever possible and live on cash. Plus, if you\\u2019re paying most of your day-to-day expenses in cash, you can\\u2019t overspend and accidentally increase your debt.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>When you\\u2019re living on cash you can only spend money that you actually have in your bank account. This can be good for avoiding additional debt, but it also opens up the possibility of spending all your available money before you\\u2019ve paid all your expenses. Therefore, it\\u2019s crucial to track your spending and stick to your budget so this doesn\\u2019t happen.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading {\\\"level\\\":3} -->\\r\\n\u003Ch3 id=\\\"h-adjust-your-budget-and-your-plans\\\" class=\\\"wp-block-heading\\\">Adjust your Budget and Your Plans\u003C\\/h3>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Speaking of your budget, you\\u2019ll likely want to adjust your budget and cut as many non-essential expenses as possible. This may be a time where you\\u2019ll want to consider stopping services such as cable, streaming services, gym memberships, and other monthly expenses. You can always get them back later when you\\u2019re in a stronger financial position.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>You\\u2019ll also want to adjust your debt repayment schedule. If you had planned to pay off your debts in a certain time period, you may have to consider whether this plan still makes sense for you. Aggressive \u003Ca href=\\\"\\/start-here\\/\\\">debt repayment\u003C\\/a> is generally a good idea, but not if doing so comes at expense of the rest of your life. You need to make sure you have money to pay for the essentials (food, shelter, etc.).\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>However, you should still try to make at least the minimum payment on your debts. Otherwise, you could be charged significant penalties by your creditors and you could also do damage to your credit rating.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading {\\\"level\\\":3} -->\\r\\n\u003Ch3 id=\\\"h-prioritize-your-payments\\\" class=\\\"wp-block-heading\\\">Prioritize your Payments\u003C\\/h3>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>When it comes to paying your bills each month, you\\u2019ll need to make sure you pay the most important ones first. For many people, this means paying for housing, food, water, electricity, heating, etc. Once these expenses are taken care of, you\\u2019ll need to see how much you have left over and how you should best spend this money.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Once you\\u2019ve made all the minimum payments on your \u003Ca href=\\\"\\/blog\\/what-is-the-best-way-to-handle-credit-card-debt\\/\\\">credit cards and other debts\u003C\\/a>, you may want to focus on putting a little extra on the debt with the highest interest rate. This will \u003Ca href=\\\"\\/blog\\/saving-money-as-a-new-homeowner\\/\\\">save you money\u003C\\/a> in the long run.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>However, putting some money aside for emergencies is also important. It will be up to you to determine how to best prioritize your spending as each financial situation is unique.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading {\\\"level\\\":3} -->\\r\\n\u003Ch3 id=\\\"h-talk-to-your-creditors\\\" class=\\\"wp-block-heading\\\">Talk to your Creditors\u003C\\/h3>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Normally, when you have debt, the last thing you want to do is talk to your creditors. However, doing so can be beneficial in certain situations and unemployment is one of these situations. If you explain your situation to you creditors, you might be able to convince them to help you out.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Try to contact your creditors before you miss any payments. Missing payments not only hurts your credit rating, but it can also harm your relationship with a creditor, and you want to have them on your side at this point.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Explain your employment situation and tell them that you\\u2019re having trouble paying your bills and debts right now. The creditor may offer to lower your monthly payments for a period of time due to your unemployment. They may also be willing to reduce the interest rate you\\u2019re paying, which will lower how much you\\u2019ll be expected to pay each month.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>Be honest, explain your situation clearly, and make sure you know how much you can afford before you call your creditors. If they are willing to change the terms of your loan, make sure to get the changes in writing.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\\r\\n\\r\\n\u003C!-- wp:heading {\\\"level\\\":3} -->\\r\\n\u003Ch3 id=\\\"h-get-help\\\" class=\\\"wp-block-heading\\\">Get Help\u003C\\/h3>\\r\\n\u003C!-- \\/wp:heading -->\\r\\n\\r\\n\u003C!-- wp:paragraph -->\\r\\n\u003Cp>In some instances, people who are having debt troubles may need help from a qualified professional. For example, most Licensed Insolvency Trustees offer free consultations where they will review your financial situation and provide you with details on the available options. This information can be a big help if you\\u2019re struggling with debt and not sure what to do.\u003C\\/p>\\r\\n\u003C!-- \\/wp:paragraph -->\",\"post_title\":\"Learn How to Manage Debt While Unemployed: A Complete Guide\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"dealing-with-debt-when-youre-unemployed\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-01-10 07:27:07\",\"post_modified_gmt\":\"2025-01-10 12:27:07\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/blog\\/dealing-with-debt-when-youre-unemployed\\/\",\"menu_order\":0,\"post_type\":\"blog\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"}],\"anchorId\":\"\"},{\"fieldGroupName\":\"FaqAccordion\",\"introduction\":{\"supertitle\":\"\",\"heading\":\"Frequently asked questions\",\"text\":\"Get answers to the most commonly asked questions about debt-relief solutions, debt terminology, budgeting and more.\"},\"type\":\"faq\",\"accordions\":false,\"faqs\":[{\"ID\":474,\"post_author\":\"6\",\"post_date\":\"2024-06-14 08:56:06\",\"post_date_gmt\":\"2024-06-14 12:56:06\",\"post_content\":\"Most people have some debt, usually in the form of a mortgage, car loan or line of credit. But how do you know when it\\u2019s too much? Here are a few ways to tell if you have too much debt.\\r\\n\u003Cul>\\r\\n \\t\u003Cli>Can\\u2019t pay monthly expenses without a credit card\\/line of credit\u003C\\/li>\\r\\n \\t\u003Cli>Only making minimum payments every month\u003C\\/li>\\r\\n \\t\u003Cli>Taking out more loans to pay monthly expenses\u003C\\/li>\\r\\n \\t\u003Cli>Receiving calls from creditors\u003C\\/li>\\r\\n \\t\u003Cli>Missed payments\u003C\\/li>\\r\\n \\t\u003Cli>Not sure how much debt you have\u003C\\/li>\\r\\n \\t\u003Cli>Regularly use overdraft protection on your bank account\u003C\\/li>\\r\\n \\t\u003Cli>Feeling stressed or worried about your debt\u003C\\/li>\\r\\n \\t\u003Cli>Hiding your debt or your spending\u003C\\/li>\\r\\n\u003C\\/ul>\",\"post_title\":\"How do you know if you have too much debt?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"how-do-you-know-if-you-have-too-much-debt\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-03-06 06:14:50\",\"post_modified_gmt\":\"2025-03-06 11:14:50\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/?post_type=faq&p=474\",\"menu_order\":0,\"post_type\":\"faq\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":477,\"post_author\":\"6\",\"post_date\":\"2024-06-14 09:44:30\",\"post_date_gmt\":\"2024-06-14 13:44:30\",\"post_content\":\"A debt challenge is when you\\u2019re struggling with managing your debts. You may have trouble making regular payments to pay off your bills, and the amount you owe keeps growing.\\r\\n\\r\\nA budget problem is when you\\u2019re having difficulty creating and sticking to a budget. You may be having difficulties managing your income and expenses and find it hard to save.\",\"post_title\":\"How do I know if I have a debt or a budget challenge?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"how-do-i-know-if-i-have-a-debt-or-a-budget-challenge\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2024-06-14 09:44:30\",\"post_modified_gmt\":\"2024-06-14 13:44:30\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/?post_type=faq&p=477\",\"menu_order\":0,\"post_type\":\"faq\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":478,\"post_author\":\"6\",\"post_date\":\"2024-06-14 09:45:11\",\"post_date_gmt\":\"2024-06-14 13:45:11\",\"post_content\":\"LITs are the only experts in Canada authorized to help reduce or eliminate debt through a consumer proposal or bankruptcy process. As LITs, we help people who have problems repaying their debts by providing practical advice and offering strategies that reduce your debt obligations.\\r\\n\\r\\nLITs are regulated by the \u003Ca href=\\\"https:\\/\\/ised-isde.canada.ca\\/site\\/office-superintendent-bankruptcy\\/en\\\">Office of the Superintendent of Bankruptcy (OSB)\u003C\\/a>, a division of the federal government.\",\"post_title\":\"What is a Licensed Insolvency Trustee?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"what-is-a-licensed-insolvency-trustee\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-03-06 07:03:34\",\"post_modified_gmt\":\"2025-03-06 12:03:34\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/?post_type=faq&p=478\",\"menu_order\":0,\"post_type\":\"faq\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":479,\"post_author\":\"6\",\"post_date\":\"2024-06-14 09:45:52\",\"post_date_gmt\":\"2024-06-14 13:45:52\",\"post_content\":\"Calls from collection agencies and creditors can be annoying and even harassing. And they won\\u2019t just give up and stop calling. But there are ways to properly handle them.\\r\\n\\r\\nThe quickest way to stop collection calls and move on with your life is to contact an LIT. If you\\u2019re facing collection calls, you\\u2019re likely already facing debt problems. LITs are the only professionals in Canada legally authorized to file consumer proposals and bankruptcies. They also provide advice and assistance about other debt management options.\\r\\n\\r\\nTo find out more, book a free, confidential, no-obligation consultation with \u003Ca href=\\\"https:\\/\\/www.farber.ca\\/book-a-consultation\\\">us today.\u003C\\/a>\",\"post_title\":\"How do I stop creditors and collection agencies from calling?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"how-do-i-stop-creditors-and-collection-agencies-from-calling\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-12-24 10:43:18\",\"post_modified_gmt\":\"2025-12-24 15:43:18\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/?post_type=faq&p=479\",\"menu_order\":0,\"post_type\":\"faq\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"},{\"ID\":480,\"post_author\":\"6\",\"post_date\":\"2024-06-14 09:46:08\",\"post_date_gmt\":\"2024-06-14 13:46:08\",\"post_content\":\"Everyone\\u2019s financial situation is different. Here are some questions to ask your LIT during the first consultation.\\r\\n\u003Cul>\\r\\n \\t\u003Cli>What is the best debt-relief option for my situation?\u003C\\/li>\\r\\n \\t\u003Cli>What are the pros and cons of any other options?\u003C\\/li>\\r\\n \\t\u003Cli>Which of my debts will be affected?\u003C\\/li>\\r\\n \\t\u003Cli>How much will this cost?\u003C\\/li>\\r\\n \\t\u003Cli>Will anyone else in my family be affected by the solution suggested?\u003C\\/li>\\r\\n \\t\u003Cli>How will this affect my credit rating?\u003C\\/li>\\r\\n \\t\u003Cli>Who will I work with throughout the process and how often will we speak to each other?\u003C\\/li>\\r\\n \\t\u003Cli>How long will I be committed to my debt-relief solution?\u003C\\/li>\\r\\n \\t\u003Cli>Once you help me with my debt, is that the end of our relationship?\u003C\\/li>\\r\\n\u003C\\/ul>\",\"post_title\":\"What questions should I ask during my first consultation?\",\"post_excerpt\":\"\",\"post_status\":\"publish\",\"comment_status\":\"closed\",\"ping_status\":\"closed\",\"post_password\":\"\",\"post_name\":\"what-questions-should-i-ask-during-my-first-consultation\",\"to_ping\":\"\",\"pinged\":\"\",\"post_modified\":\"2025-03-06 06:16:13\",\"post_modified_gmt\":\"2025-03-06 11:16:13\",\"post_content_filtered\":\"\",\"post_parent\":0,\"guid\":\"https:\\/\\/www.farber.ca\\/?post_type=faq&p=480\",\"menu_order\":0,\"post_type\":\"faq\",\"post_mime_type\":\"\",\"comment_count\":\"0\",\"filter\":\"raw\"}],\"button\":{\"title\":\"See more FAQs\",\"url\":\"https:\\/\\/www.farber.ca\\/faq\\/\",\"target\":\"\"},\"enableSeoSchema\":false,\"anchorId\":\"faqs\"}]",{"pageNavigation":13},"default",{"title":15,"fullHead":16,"metaRobotsNoindex":17,"metaRobotsNofollow":18},"What You Need To Know About Debt - Farber Debt Solutions","\u003C!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https://yoast.com/product/yoast-seo-wordpress/ -->\n\u003Cmeta name=\"description\" content=\"Get essential insights on debt, learn effective management strategies, avoid common pitfalls, and achieve financial stability.\" />\n\u003Clink rel=\"canonical\" href=\"/what-you-need-to-know/\" />\n\u003Cmeta property=\"og:locale\" content=\"en_US\" />\n\u003Cmeta property=\"og:type\" content=\"article\" />\n\u003Cmeta property=\"og:title\" content=\"What You Need To Know About Debt - Farber Debt Solutions\" />\n\u003Cmeta property=\"og:description\" content=\"Get essential insights on debt, learn effective management strategies, avoid common pitfalls, and achieve financial stability.\" />\n\u003Cmeta property=\"og:url\" content=\"/what-you-need-to-know/\" />\n\u003Cmeta property=\"og:site_name\" content=\"Farber Debt Solutions\" />\n\u003Cmeta property=\"article:modified_time\" content=\"2024-11-12T18:00:48+00:00\" />\n\u003Cmeta name=\"twitter:card\" content=\"summary_large_image\" />\n\u003Cscript type=\"application/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https://schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"/what-you-need-to-know/\",\"url\":\"/what-you-need-to-know/\",\"name\":\"What You Need To Know About Debt - Farber Debt Solutions\",\"isPartOf\":{\"@id\":\"/#website\"},\"datePublished\":\"2024-06-12T18:49:47+00:00\",\"dateModified\":\"2024-11-12T18:00:48+00:00\",\"description\":\"Get essential insights on debt, learn effective management strategies, avoid common pitfalls, and achieve financial stability.\",\"breadcrumb\":{\"@id\":\"/what-you-need-to-know/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"/what-you-need-to-know/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"/what-you-need-to-know/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What You Need To Know\"}]},{\"@type\":\"WebSite\",\"@id\":\"/#website\",\"url\":\"/\",\"name\":\"Farber\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}\u003C/script>\n\u003C!-- / Yoast SEO plugin. -->","index","follow",{"showLiveChat":20},true,"en",[23],{"uri":24,"languageCode":25},"/fr/ce-quil-faut-savoir/","fr",[27,73,89,128,192,199,211,216,226,285,287,345],{"fieldGroupName":28,"heading":29,"text":30,"image":31,"button":38,"backgroundColor":71,"spacing":72},"StandardHeader","See things the way you did before you were in debt","You’re not alone. The truth is over 40% of Canadians were in debt last year. Although debt can be overwhelming, there are ways to start fresh and improve your relationship with money.",{"iD":32,"id":32,"title":33,"filename":34,"filesize":35,"url":36,"link":37,"alt":38,"author":39,"description":38,"caption":38,"name":40,"status":41,"uploadedTo":42,"date":43,"modified":43,"menuOrder":44,"mimeType":45,"type":46,"subtype":47,"icon":48,"width":49,"height":50,"sizes":51,"relativeUrl":70},2617,"What you need to know (2)","What-you-need-to-know-2.png",590554,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2.png","/what-you-need-to-know/what-you-need-to-know-2-2/","","6","what-you-need-to-know-2-2","inherit",377,"2024-06-21 17:49:01",0,"image/png","image","png","/wp-includes/images/media/default.png",1920,1140,{"thumbnail":52,"thumbnail-width":53,"thumbnail-height":53,"medium":54,"medium-width":55,"medium-height":56,"mediumLarge":57,"mediumLarge-width":58,"mediumLarge-height":59,"large":60,"large-width":61,"large-height":62,"1536x1536":63,"1536x1536-width":64,"1536x1536-height":65,"2048x2048":36,"2048x2048-width":49,"2048x2048-height":50,"gform-image-choice-sm":36,"gform-image-choice-sm-width":55,"gform-image-choice-sm-height":56,"gform-image-choice-md":36,"gform-image-choice-md-width":66,"gform-image-choice-md-height":67,"gform-image-choice-lg":36,"gform-image-choice-lg-width":68,"gform-image-choice-lg-height":69},"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2-150x150.png",150,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2-300x178.png",300,178,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2-768x456.png",768,456,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2-1024x608.png",1024,608,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-2-1536x912.png",1536,912,400,238,600,356,"/wp-content/uploads/2024/06/What-you-need-to-know-2.png","bg-gold-lightest",[],{"fieldGroupName":74,"heading":75,"anchors":76},"AnchorLinks","On this page",[77,80,83,86],{"title":78,"anchorId":79},"Decide if you need debt help","debt-help",{"title":81,"anchorId":82},"Learn the basics","basics",{"title":84,"anchorId":85},"Explore your options","options",{"title":87,"anchorId":88},"Take the first step","first-step",{"fieldGroupName":90,"image":91,"supertitleStyling":112,"supertitle":78,"badgeNumber":38,"heading":113,"text":114,"button":38,"anchorId":79,"backgroundColor":115,"imageContainer":116,"imageSize":117,"layout":118,"textAlignment":121,"bodyTextSize":124,"showArrowBelow":125,"spacing":126,"buttonStyling":127},"ImageTextBanner",{"iD":92,"id":92,"title":93,"filename":94,"filesize":95,"url":96,"link":97,"alt":38,"author":39,"description":38,"caption":38,"name":98,"status":41,"uploadedTo":42,"date":99,"modified":99,"menuOrder":44,"mimeType":45,"type":46,"subtype":47,"icon":48,"width":61,"height":100,"sizes":101,"relativeUrl":111},2618,"What you need to know (3)","What-you-need-to-know-3.png",197810,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-3.png","/what-you-need-to-know/what-you-need-to-know-3/","what-you-need-to-know-3","2024-06-21 17:49:33",1074,{"thumbnail":102,"thumbnail-width":53,"thumbnail-height":53,"medium":103,"medium-width":104,"medium-height":55,"mediumLarge":105,"mediumLarge-width":58,"mediumLarge-height":106,"large":107,"large-width":108,"large-height":61,"1536x1536":96,"1536x1536-width":61,"1536x1536-height":100,"2048x2048":96,"2048x2048-width":61,"2048x2048-height":100,"gform-image-choice-sm":96,"gform-image-choice-sm-width":104,"gform-image-choice-sm-height":55,"gform-image-choice-md":96,"gform-image-choice-md-width":109,"gform-image-choice-md-height":66,"gform-image-choice-lg":96,"gform-image-choice-lg-width":110,"gform-image-choice-lg-height":68},"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-3-150x150.png","https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-3-286x300.png",286,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-3-768x806.png",806,"https://www.farber.ca/wp-content/uploads/2024/06/What-you-need-to-know-3-976x1024.png",976,381,572,"/wp-content/uploads/2024/06/What-you-need-to-know-3.png","regular","Four signs that you have too much debt","\u003Cp>Canadians are in debt for lots of good reasons, from buying a house to education costs. But when debt overwhelms you, there are signs that it’s time to get help.\u003C/p>\n","bg-white","contained","4/12",{"desktop":119,"mobile":120},"imageContent","contentImage",{"desktop":122,"mobile":123},"left","center","base",false,[],"light",{"fieldGroupName":129,"supertitle":38,"heading":38,"introText":38,"icons":130,"outroText":185,"button":186,"anchorId":38,"backgroundColor":115,"padding":189,"iconSize":190,"iconAlignment":191},"IconGrid",[131,148,160,173],{"icon":132,"heading":38,"text":147},{"iD":133,"id":133,"title":134,"filename":135,"filesize":136,"url":137,"link":138,"alt":38,"author":39,"description":38,"caption":38,"name":134,"status":41,"uploadedTo":139,"date":140,"modified":141,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":145,"relativeUrl":146},2722,"icons8-donate","icons8-donate.svg",2866,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-donate.svg","/debt-counselling/icons8-donate/",373,"2024-06-24 14:59:51","2024-06-24 17:15:06","image/svg+xml","svg+xml",96,{"thumbnail":137,"thumbnail-width":53,"thumbnail-height":53,"medium":137,"medium-width":55,"medium-height":55,"mediumLarge":137,"mediumLarge-width":58,"mediumLarge-height":58,"large":137,"large-width":61,"large-height":61,"1536x1536":137,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":137,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":137,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":137,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":137,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-donate.svg","You’re missing or only making minimum payments",{"icon":149,"heading":38,"text":159},{"iD":150,"id":150,"title":151,"filename":152,"filesize":153,"url":154,"link":155,"alt":38,"author":39,"description":38,"caption":38,"name":151,"status":41,"uploadedTo":139,"date":156,"modified":141,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":157,"relativeUrl":158},2728,"icons8-card-exchange","icons8-card-exchange.svg",1898,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-card-exchange.svg","/debt-counselling/icons8-card-exchange/","2024-06-24 14:59:56",{"thumbnail":154,"thumbnail-width":53,"thumbnail-height":53,"medium":154,"medium-width":55,"medium-height":55,"mediumLarge":154,"mediumLarge-width":58,"mediumLarge-height":58,"large":154,"large-width":61,"large-height":61,"1536x1536":154,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":154,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":154,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":154,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":154,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-card-exchange.svg","One credit card is paying off the other",{"icon":161,"heading":38,"text":172},{"iD":162,"id":162,"title":163,"filename":164,"filesize":165,"url":166,"link":167,"alt":38,"author":39,"description":38,"caption":38,"name":163,"status":41,"uploadedTo":42,"date":168,"modified":169,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":170,"relativeUrl":171},2724,"icons8-card-payment","icons8-card-payment.svg",2524,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-card-payment.svg","/what-you-need-to-know/icons8-card-payment/","2024-06-24 14:59:53","2024-06-24 17:15:37",{"thumbnail":166,"thumbnail-width":53,"thumbnail-height":53,"medium":166,"medium-width":55,"medium-height":55,"mediumLarge":166,"mediumLarge-width":58,"mediumLarge-height":58,"large":166,"large-width":61,"large-height":61,"1536x1536":166,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":166,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":166,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":166,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":166,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-card-payment.svg","Using credit to pay for essential living costs",{"icon":174,"heading":38,"text":184},{"iD":175,"id":175,"title":176,"filename":177,"filesize":178,"url":179,"link":180,"alt":38,"author":39,"description":38,"caption":38,"name":176,"status":41,"uploadedTo":42,"date":181,"modified":169,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":182,"relativeUrl":183},2741,"icons8-money-box","icons8-money-box.svg",2898,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-money-box.svg","/what-you-need-to-know/icons8-money-box/","2024-06-24 15:00:16",{"thumbnail":179,"thumbnail-width":53,"thumbnail-height":53,"medium":179,"medium-width":55,"medium-height":55,"mediumLarge":179,"mediumLarge-width":58,"mediumLarge-height":58,"large":179,"large-width":61,"large-height":61,"1536x1536":179,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":179,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":179,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":179,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":179,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-money-box.svg","You have no savings for the unexpected","\u003Cp>It can be hard to talk about debt, but we offer a free, no-obligation, completely confidential consultation. Want to see if you need debt help? \u003Ca href=\"/debt-income-calculator/\">Try our calculator.\u003C/a>\u003C/p>\n",{"title":187,"url":188,"target":38},"Book a FREE consultation","https://www.farber.ca/book-a-consultation/",[],"96","middle",{"fieldGroupName":193,"supertitle":81,"heading":194,"textAlignment":123,"wysiwygEditor":195,"anchorId":82,"padding":196,"width":198,"backgroundColor":115,"border":125},"TextEditor","Understanding the meaning of debt","\u003Cp style=\"text-align: left;\">Feeling out of control with your debt and bills can feel like a problem with no solution. One way to reduce stress is to have all the facts about how you can get out of debt.\u003C/p>\n",[197],"top-padding","8/12",{"fieldGroupName":200,"heading":38,"type":201,"accordion":202,"faqs":8,"outro":38,"button":38,"anchorId":82,"padding":209,"margin":210,"width":198},"Accordion","manual",[203,206],{"title":204,"content":205},"The basics of debt","\u003Cp>Debt is when you owe money to someone, like a bank or a credit card company. It can come from everyday things like using a credit card to buy groceries or bigger things like paying for school or buying a house.\u003C/p>\n\u003Cp>There are different types of debt. Some can be helpful in the long run, like student loans that help you get a better job later. Others, like credit card debt from buying too many things you don’t really need, can cause problems.\u003C/p>\n\u003Cp>But sometimes, there are circumstances out of your control that can cause you to have too much debt. Things like rising costs, higher interest rates, losing your job, or a family member getting sick can make it hard to manage. That’s when we’re here to help.\u003C/p>\n\u003Cp>\u003Ca href=\"https://www.farber.ca/glossary-of-terms/\">\u003Cstrong>Understand the terminology\u003C/strong>\u003C/a>\u003C/p>\n\u003Cp>\u003Cstrong>\u003Ca href=\"https://www.farber.ca/the-three-truths/\">The three truths about debt.\u003C/a>\u003C/strong>\u003C/p>\n",{"title":207,"content":208},"Why choose a Licensed Insolvency Trustee (LIT)?","\u003Cp>LITs are the only experts in Canada authorized to help reduce or eliminate debt through a consumer proposal or bankruptcy.\u003C/p>\n\u003Cp>\u003Ca href=\"https://www.farber.ca/why-a-licensed-insolvency-trustee/\">\u003Cb>What can an LIT do?\u003C/b>\u003C/a>\u003C/p>\n",[],[],{"fieldGroupName":193,"supertitle":84,"heading":212,"textAlignment":123,"wysiwygEditor":213,"anchorId":85,"padding":214,"width":198,"backgroundColor":71,"border":125},"Debt solutions that work for you","\u003Cp style=\"text-align: left;\">Personalized to you, we offer debt solutions that can reduce your stress and get you out of debt faster.\u003C/p>\n\u003Ch3>What’s the best solution for you?\u003C/h3>\n\u003Cp>You may not have heard of it, but a consumer proposal might be one of your best options for reducing your debt by up to 80%.\u003C/p>\n\u003Ch3>What do you know about relieving your debt?\u003C/h3>\n\u003Cp>There are many ways to get out of debt. The question is which one is right for you?\u003C/p>\n",[197,215],"bottom-padding",{"fieldGroupName":217,"introduction":218,"anchorId":38,"backgroundColor":71,"padding":225},"DebtPaymentCalculator",{"heading":219,"headingLevel":220,"text":221,"button":222},"Explore your debt-relief options with our easy-to-use calculator","h2","\u003Cp>Use this debt calculator to compare what you can save when you choose different debt-relief options. Easily find the best solution that matches your situation.\u003C/p>\n",{"title":223,"url":224,"target":38},"Find the right debt-relief option","https://www.farber.ca/debt-relief/",[215],{"fieldGroupName":227,"globalBlock":228,"anchorId":88,"flexBlocks":229},"GlobalBlock",348,[230],{"fieldGroupName":231,"introduction":232,"steps":235,"showArrows":20,"anchorId":38},"Steps",{"supertitle":87,"heading":233,"button":234},"Book a free, confidential, no-obligation consultation – we’ll do the rest",{"title":187,"url":188,"target":38},[236,249,261,273],{"icon":237,"text":248},{"iD":238,"id":238,"title":239,"filename":240,"filesize":241,"url":242,"link":243,"alt":38,"author":39,"description":38,"caption":38,"name":239,"status":41,"uploadedTo":228,"date":244,"modified":245,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":246,"relativeUrl":247},2721,"icons8-connected-people","icons8-connected-people.svg",2023,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-connected-people.svg","/?attachment_id=2721","2024-06-24 14:59:50","2024-06-24 16:54:55",{"thumbnail":242,"thumbnail-width":53,"thumbnail-height":53,"medium":242,"medium-width":55,"medium-height":55,"mediumLarge":242,"mediumLarge-width":58,"mediumLarge-height":58,"large":242,"large-width":61,"large-height":61,"1536x1536":242,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":242,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":242,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":242,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":242,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-connected-people.svg","Share your story with one of our supportive team members",{"icon":250,"text":260},{"iD":251,"id":251,"title":252,"filename":253,"filesize":254,"url":255,"link":256,"alt":38,"author":39,"description":38,"caption":38,"name":252,"status":41,"uploadedTo":228,"date":257,"modified":245,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":258,"relativeUrl":259},2719,"icons8-compare","icons8-compare.svg",2280,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-compare.svg","/?attachment_id=2719","2024-06-24 14:59:48",{"thumbnail":255,"thumbnail-width":53,"thumbnail-height":53,"medium":255,"medium-width":55,"medium-height":55,"mediumLarge":255,"mediumLarge-width":58,"mediumLarge-height":58,"large":255,"large-width":61,"large-height":61,"1536x1536":255,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":255,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":255,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":255,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":255,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-compare.svg","Review your debt-relief options together",{"icon":262,"text":272},{"iD":263,"id":263,"title":264,"filename":265,"filesize":266,"url":267,"link":268,"alt":38,"author":39,"description":38,"caption":38,"name":264,"status":41,"uploadedTo":228,"date":269,"modified":245,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":270,"relativeUrl":271},2733,"icons8-timeline","icons8-timeline.svg",2591,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-timeline.svg","/?attachment_id=2733","2024-06-24 15:00:03",{"thumbnail":267,"thumbnail-width":53,"thumbnail-height":53,"medium":267,"medium-width":55,"medium-height":55,"mediumLarge":267,"mediumLarge-width":58,"mediumLarge-height":58,"large":267,"large-width":61,"large-height":61,"1536x1536":267,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":267,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":267,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":267,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":267,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-timeline.svg","Make a plan to help regain control of your money",{"icon":274,"text":284},{"iD":275,"id":275,"title":276,"filename":277,"filesize":278,"url":279,"link":280,"alt":38,"author":39,"description":38,"caption":38,"name":276,"status":41,"uploadedTo":228,"date":281,"modified":281,"menuOrder":44,"mimeType":142,"type":46,"subtype":143,"icon":48,"width":144,"height":144,"sizes":282,"relativeUrl":283},3328,"icons8-low-price","icons8-low-price.svg",1888,"https://www.farber.ca/wp-content/uploads/2024/06/icons8-low-price.svg","/?attachment_id=3328","2024-07-22 09:49:42",{"thumbnail":279,"thumbnail-width":53,"thumbnail-height":53,"medium":279,"medium-width":55,"medium-height":55,"mediumLarge":279,"mediumLarge-width":58,"mediumLarge-height":58,"large":279,"large-width":61,"large-height":61,"1536x1536":279,"1536x1536-width":144,"1536x1536-height":144,"2048x2048":279,"2048x2048-width":144,"2048x2048-height":144,"gform-image-choice-sm":279,"gform-image-choice-sm-width":144,"gform-image-choice-sm-height":144,"gform-image-choice-md":279,"gform-image-choice-md-width":144,"gform-image-choice-md-height":144,"gform-image-choice-lg":279,"gform-image-choice-lg-width":144,"gform-image-choice-lg-height":144},"/wp-content/uploads/2024/06/icons8-low-price.svg","Start lowering your debt and easing your stress",{"fieldGroupName":286,"anchorId":38},"TrustpilotReviewSlider",{"fieldGroupName":288,"heading":289,"cards":290,"anchorId":38},"ArticleCards","The truth about debt",[291,305,315,325,335],{"ID":292,"post_author":39,"post_date":293,"post_date_gmt":294,"post_content":295,"post_title":296,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":298,"to_ping":38,"pinged":38,"post_modified":299,"post_modified_gmt":300,"post_content_filtered":38,"post_parent":44,"guid":301,"menu_order":44,"post_type":302,"post_mime_type":38,"comment_count":303,"filter":304},2410,"2023-09-18 14:28:01","2023-09-18 18:28:01","Money can sometimes feel like one big, hard hike that you, alone, must conquer. Usually, when attempting a hike, the trail will have markers to help you – but oftentimes, they can be hard to solve or even outdated.\r\n\r\nSimilar to markers on a long hike, there actually are some signs that can give you insight into a common money question – do I have a debt or a budget problem? But first, let's dig into the difference between the two.\r\n\u003Ch2 id=\"h-unmanageable-debt-vs-budget-problems\">Unmanageable debt vs. budget problems\u003C/h2>\r\nA debt problem is when you owe a large amount of money that feels overwhelming. Unmanageable debt can look like having trouble repaying your bills, and the amount you owe keeps growing.\r\n\r\nOn the other hand, a budget problem is when you spend more than what you earn, which is called “running on a deficit.” It happens when you're not paying attention to how much you're spending and not putting money aside for the future.\r\n\u003Ch2 id=\"h-how-do-you-know-if-you-have-a-debt-or-a-budget-problem\">How do you know if you have a debt or a budget problem?\u003C/h2>\r\nNow that you know the difference between debt and budget problems, here are five ways to help you determine which issue you might be facing:\r\n\u003Ch3 id=\"h-1-track-your-expenses\">1. Track your expenses\u003C/h3>\r\nStart by keeping track of your spending by \u003Ca href=\"https://www.afarber.com/blog/five-tips-for-tracking-spending/\" rel=\"noreferrer noopener\">choosing a method that works best for you\u003C/a>. Some people swear by\u003Ca href=\"https://www.afarber.com/blog/canadian-coupon-apps/\" rel=\"noreferrer noopener\"> a certain app\u003C/a>, while others write down their purchases – but the most important thing is that you write down everything you’re spending on.\r\n\r\n\"Track your daily expenses for at least a month,\" said \u003Ca href=\"https://www.afarber.com/person/sonya-strand/\" rel=\"noreferrer noopener\">Sonya Strand\u003C/a>, a \u003Ca href=\"https://www.afarber.com/blog/what-is-a-licensed-insolvency-trustee/\" rel=\"noreferrer noopener\">Licensed Insolvency Trustee with Farber\u003C/a> for 15 years. \"That's going to give you your baseline as to what you can absolutely manage without tapping into credit.\"\r\n\r\nAt the end of the month, look at your expenses. If your spending exceeds your income consistently, it could be a sign of a budget problem. But, if you're struggling to make minimum debt payments, you may have a debt problem.\r\n\u003Ch3 id=\"h-2-calculate-your-debt-to-income-ratio\">2. Calculate your debt-to-income ratio\u003C/h3>\r\nYour debt-to-income ratio is another useful way to assess your financial health.\r\n\r\nAdd up all your monthly debt payments (credit cards, loans, mortgages) and divide it by your monthly income. If the number is higher than 36%, you may have a debt problem, as a significant portion of your income is going toward paying off debt.\r\n\u003Ch3 id=\"h-3-review-your-credit-card-statements\">3. Review your credit card statements\u003C/h3>\r\nThis month, keep a close eye on your credit card statements. Are you only making the minimum payment on your credit card? Are you constantly \u003Ca href=\"https://www.afarber.com/blog/what-is-the-best-way-to-handle-credit-card-debt/\" rel=\"noreferrer noopener\">maxing them out\u003C/a> or using them to cover unexpected expenses? If so, it may be a sign that you're collecting debt at an unmanageable rate.\r\n\r\nOn the flip side, if you're using credit to cover expenses until payday but pay them back in due time, you may have a budgeting problem.\r\n\u003Ch3 id=\"h-4-check-your-savings\">4. Check your savings\u003C/h3>\r\nHaving an \u003Ca href=\"https://www.afarber.com/blog/the-critical-importance-of-an-emergency-fund/\" rel=\"noreferrer noopener\">emergency fund\u003C/a> is crucial to help you handle unexpected financial issues. If you don't have savings or struggle to save money each month, it could mean you have a budget problem. Without savings, you may need to rely on credit cards or loans when unexpecting expenses arise.\r\n\r\n\"Circumstances change – the cost of living increases or a loved one gets sick,\" said Strand. \"That's why most people should budget because it gives them control over their finances, allows them to meet their goals, and prevents financial turmoil.\"\r\n\u003Ch3 id=\"h-5-evaluate-your-financial-goals\">5. Evaluate your financial goals\u003C/h3>\r\nAre you making progress toward your financial goals, or do you find saving for the things you want impossible? If your financial goals are consistently out of reach, your budget might need an adjustment.\r\n\r\nOn the other hand, if you're unable to make any progress due to high debt payments, it could be a sign of a debt problem.\r\n\u003Ch2 id=\"h-the-final-word\">The final word\u003C/h2>\r\nIf you've reached the end of the month of tracking and found you’re overspending in multiple areas – it's time to \u003Ca href=\"https://www.afarber.com/blog/whats-the-best-way-to-budget/\" rel=\"noreferrer noopener\">create a budget\u003C/a>.\r\n\r\n\"A good place to start with managing any unforeseen expenses is to have a budget in place,\" said Strand. \"People tend to think of it as a money diet when it's really a plan.\"\r\n\r\nIf you've discovered you have a debt problem, a \u003Ca href=\"https://www.afarber.com/how-we-help/consumer-proposal/\" rel=\"noreferrer noopener\">Consumer Proposal\u003C/a> may be a good option to consider. A Consumer Proposal is a legally binding document that can only be submitted on your behalf by an LIT, like Sonya, and is regulated by the \u003Ca href=\"https://www.canada.ca/en/innovation-science-economic-development/news/2022/11/need-help-with-your-debt-ask-questions-and-shop-around-to-avoid-paying-unnecessary-fees.html\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Government\u003C/a>. It can reduce your debt by up to 80% of what you owe, and the rest is combined into one monthly payment based on what you can actually afford.\r\n\r\nIf you're feeling overwhelmed by your debt and you need help figuring out where to start, \u003Ca href=\"https://www.afarber.com/contact-us/\" target=\"_blank\" rel=\"noreferrer noopener\">contact us\u003C/a> at Farber today. We're here to give you the tools to help you feel confident and relieved that a solution for your debt is possible.","Debt vs. Budget Problems: Key Differences Explained","closed","difference-between-debt-and-budget-problems","2025-01-10 07:49:05","2025-01-10 12:49:05","https://www.farber.ca/blog/difference-between-debt-and-budget-problems/","blog","0","raw",{"ID":306,"post_author":39,"post_date":307,"post_date_gmt":308,"post_content":309,"post_title":310,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":311,"to_ping":38,"pinged":38,"post_modified":312,"post_modified_gmt":313,"post_content_filtered":38,"post_parent":44,"guid":314,"menu_order":44,"post_type":302,"post_mime_type":38,"comment_count":303,"filter":304},2431,"2022-10-05 20:38:05","2022-10-06 00:38:05","\u003C!-- wp:paragraph -->\r\n\u003Cp>“The worst was the collector calling me during my grandson’s birthday party - he was yelling at me and demanding payment,” said James\u003Cstrong>*\u003C/strong>, remembering the stress he experienced dealing with debt collectors. “They’d also call early every morning – even on weekends – I finally had no choice but to turn off my phone.”\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>James is just one of the thousands of Canadians who have struggled with the stress of constant phone calls, emails, and texts from debt collection agencies. Sometimes they’d call every hour, which eventually caused him to reach out to us for assistance.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading -->\r\n\u003Ch2 id=\"h-why-am-i-getting-collection-calls\">Why am I getting collection calls?\u003C/h2>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Why would the people you owe money to hire a \u003Ca href=\"https://www.afarber.com/blog/know-your-rights-collection-agencies/\" rel=\"noreferrer noopener\">collection agency\u003C/a>? When a debt is unpaid and becomes overdue, banks and other lenders turn to debt collection agencies to chase down the person who owes them money. Collection agencies receive a percentage of any debt amount collected, so the more persistent their attempts, the greater their potential payday. That can mean constant calls, texts, emails, a registered letter sent through \u003Ca href=\"https://www.canadapost-postescanada.ca/cpc/en/home.page\" target=\"_blank\" rel=\"noreferrer noopener\">Canada Post\u003C/a>, and even phone calls to friends, family members, and employers. No one wants their boss told they are behind on their credit card or loan payments!\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Collection agencies also have legal methods available to force you to pay. It’s not unusual for a collection agency to take someone who owes them money to court. If the presiding judge rules in favour of the collection agency, a \u003Ca href=\"https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-overview/life-events-employees/garnishment-employees-wages.html\" target=\"_blank\" rel=\"noreferrer noopener\">garnishment order\u003C/a> is sent out to the person’s employer, and money is deducted from each pay. Bank accounts can also be \u003Ca href=\"https://farbertax.com/blog/my-bank-account-frozen-by-the-cra-now-what/\" target=\"_blank\" rel=\"noreferrer noopener\">frozen\u003C/a> - any funds found are then sent to the creditors.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading -->\r\n\u003Ch2 id=\"h-how-to-stop-collection-calls\">How to stop collection calls\u003C/h2>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>So, what can be done to stop all of this? The good news is a \u003Ca href=\"https://www.afarber.com/how-we-help/consumer-proposal/\" rel=\"noreferrer noopener\">Consumer Proposal\u003C/a> can be leveraged to immediately end any collection agency action. A licensed insolvency trustee can put into place a “stay of proceedings” which will “stay” (or stop) all legal action, as well as put an end to all collection calls. Think of a \u003Ca href=\"https://www.afarber.com/blog/consumer-proposal/\" rel=\"noreferrer noopener\">Consumer Proposal\u003C/a> as a massive wall constructed by you and the collection agencies. Your creditors cannot penetrate the wall once your Consumer Proposal is filed.  And only a licensed Insolvency Trustee can build and \u003Ca href=\"https://www.afarber.com/start-here/\" rel=\"noreferrer noopener\">support the wall\u003C/a>.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Once that wall created by a Consumer Proposal is in place, the Trustee notifies all creditors of your filing, processes all paperwork (they have 45 days in which to vote to accept, reject, or negotiate a counteroffer), and supervises the entire Proposal process for you, from start to finish. \u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Best of all, the moment the Proposal is officially filed with the court, all further interest and penalties stop dead. This provides further relief for you because now the negotiations with the creditors are about a fixed settlement amount, which could be as little as 20 to 30 percent of what you originally owed.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>A Consumer Proposal can provide you with both peace of mind and an end to the constant harassment from creditors and collection agencies. It’s an affordable way to get rid of bad debt and obtain a fresh start financially.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Are you getting constant collection calls? We're here to help! Let us help you get back on track financially by \u003Ca href=\"https://www.afarber.com/contact-us/\" rel=\"noreferrer noopener\">contacting us\u003C/a> today.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp> \u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>\u003Cstrong>*\u003C/strong>not his real name.\u003C/p>\r\n\u003C!-- /wp:paragraph -->","How to Legally Stop Collection Calls and Protect Yourself","how-to-stop-collection-calls","2025-01-10 07:42:54","2025-01-10 12:42:54","https://www.farber.ca/blog/how-to-stop-collection-calls/",{"ID":316,"post_author":39,"post_date":317,"post_date_gmt":318,"post_content":319,"post_title":320,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":321,"to_ping":38,"pinged":38,"post_modified":322,"post_modified_gmt":323,"post_content_filtered":38,"post_parent":44,"guid":324,"menu_order":44,"post_type":302,"post_mime_type":38,"comment_count":303,"filter":304},2409,"2023-10-10 21:20:12","2023-10-11 01:20:12","\u003C!-- wp:paragraph -->\r\n\u003Cp>Ever feel like your paycheque hits your account and vanishes before you can blink? Between bills, loans, and everyday expenses that keep climbing, it’s easy for debt to take more than its fair share. That’s where your debt-to-income ratio (DTI) comes in.\u003C/p>\r\n\u003Ch2>What Is a Debt-to-Income Ratio (DTI)?\u003C/h2>\r\n\u003Cp>Your debt-to-income ratio in Canada is like a quick pulse check on your finances. It shows how much of your income goes toward debt — and whether things are balanced or getting a little too tight.\u003C/p>\r\n\u003Cp>Simply put, it measures how much of your gross monthly income (before taxes) goes toward paying off debt — and includes things like credit card balances, car loans, student loans, and mortgages.\u003C/p>\r\n\u003Ch2>What Is a Good Debt-to-Income Ratio in Canada?\u003C/h2>\r\n\u003Cp>Everyone’s situation is a bit different, but lenders in Canada generally use these DTI levels as a guide:\u003C/p>\r\n\u003Cul>\r\n\u003Cli>\u003Cstrong>Below 36%:\u003C/strong> You’re in good shape. This range shows your debt is manageable, leaving room for saving and spending on essentials.\u003C/li>\r\n\u003Cli>\u003Cstrong>36%–49%:\u003C/strong> You’re managing, but new credit could be tougher to qualify for or come with higher interest rates.\u003C/li>\r\n\u003Cli>\u003Cstrong>50% or higher:\u003C/strong> You’re likely feeling stretched. A high DTI means too much of your income is going toward debt, which can make it harder to keep up with payments or qualify for new credit.\u003C/li>\r\n\u003C/ul>\r\n\u003Cp>Most mortgage lenders in Canada look for a debt-to-income ratio under 42% when deciding if you can handle a loan.\u003C/p>\r\n\u003Ch2>Why Does DTI Matter?\u003C/h2>\r\n\u003Ch3>1. It Affects Loan and Mortgage Approvals\u003C/h3>\r\n\u003Cp>When you \u003Ca href=\"/blog/credit-score-myths\">apply for new credit\u003C/a>, banks and lenders look at your debt-to-income ratio in Canada to see if you can realistically take on another payment. A high DTI may make them think twice about \u003Ca href=\"/blog/how-a-consumer-proposal-can-impact-mortgage-renewal\">approving your loan or mortgage\u003C/a>.\u003C/p>\r\n\u003Ch3>2. It Impacts Your Day-to-Day Cash Flow\u003C/h3>\r\n\u003Cp>If most of your income goes toward debt, it leaves less for groceries, rent, savings, or emergencies. Over time, that can lead to stress and financial burnout.\u003C/p>\r\n\u003Ch3>3. It Shapes Your Financial Future\u003C/h3>\r\n\u003Cp>A lower DTI opens more doors. You’ll find it easier to qualify for loans, plan for bigger goals like buying a home, and build long-term stability.\u003C/p>\r\n\u003Ch2>How to Calculate Your DTI\u003C/h2>\r\n\u003Cp>You don’t need a fancy spreadsheet to figure it out — your calculator app works just fine. Here’s how to calculate your debt-to-income ratio in Canada step by step:\u003C/p>\r\n\u003Col>\r\n\u003Cli>Add up your monthly debt payments (credit cards, loans, car payments, mortgage, etc.).\u003C/li>\r\n\u003Cli>Divide that total by your gross monthly income (what you make before taxes).\u003C/li>\r\n\u003Cli>Multiply by 100 to get your percentage.\u003C/li>\r\n\u003C/ol>\r\n\u003Cp>For example, if your monthly debt payments are $1,200 and your income before taxes is $4,000, your DTI would be:\u003C/p>\r\n\u003Cp>(1,200 ÷ 4,000) × 100 = 30%\u003C/p>\r\n\u003Cp>That means 30% of your income is going toward paying down debt each month. The lower your DTI, the more financial breathing room you have.\u003C/p>\r\n\u003Cp>If you don’t feel like doing the math yourself, you can \u003Ca href=\"/debt-income-calculator\">try Farber’s free DTI calculator\u003C/a> to find your number in seconds and see where you stand.\u003C/p>\r\n\u003Ch2>How to Lower Your Debt-to-Income Ratio\u003C/h2>\r\n\u003Cp>If your DTI levels are higher than you’d like, don’t panic. You can absolutely turn things around—it just takes a few small, consistent changes.\u003C/p>\r\n\u003Ch3>Create a Realistic Budget\u003C/h3>\r\n\u003Cp>Skip the complicated spreadsheets. A good budget is one you’ll actually stick to. Start by listing your income and expenses, then track your spending for a month.\u003C/p>\r\n\u003Cp>Once you see where your money’s going, you’ll spot easy areas to cut back (like unused subscriptions or too many takeout nights). Small adjustments can free up cash to pay down debt and gradually lower your debt-to-income ratio in Canada.\u003C/p>\r\n\u003Ch3>Pay Down High-Interest Debts First\u003C/h3>\r\n\u003Cp>Tackle the expensive stuff first. Focus on credit cards and payday loans since their interest eats away at your progress. Whether you prefer the avalanche method (highest interest first) or the snowball approach (smallest debts first), the key is momentum.\u003C/p>\r\n\u003Ch3>Simplify with Debt Consolidation\u003C/h3>\r\n\u003Cp>Juggling multiple payments? Consider a \u003Ca href=\"/debt-consolidation\">debt consolidation loan\u003C/a> to roll them into one monthly payment, often at a lower interest rate. It can make managing debt easier and reduce stress. Just make sure you don’t take on new debt while paying it off.\u003C/p>\r\n\u003Ch3>Find Ways to Boost Income\u003C/h3>\r\n\u003Cp>Sometimes, improving your DTI isn’t about spending less, it’s about earning more. Ask for a raise, pick up a side gig, or sell unused items online. Even a small income bump can help balance things out faster.\u003C/p>\r\n\u003Ch3>Press Pause on New Debt\u003C/h3>\r\n\u003Cp>While you’re lowering your DTI, hold off on big purchases or new credit cards. Those “buy now, pay later” deals can sneak your ratio back up. Give yourself time to breathe before adding anything new.\u003C/p>\r\n\u003Ch3>Explore Debt Relief Options\u003C/h3>\r\n\u003Cp>If your debt feels unmanageable, it might be time for outside help.\u003C/p>\r\n\u003Cp>A \u003Ca href=\"/consumer-proposal\">consumer proposal\u003C/a> through a \u003Ca href=\"/blog/what-is-a-licensed-insolvency-trustee\">Licensed Insolvency Trustee\u003C/a> can reduce what you owe on unsecured debt by up to 80%, stop interest, and help you regain control of your finances — and all while protecting your assets.\u003C/p>\r\n\u003Ch3>Stay Consistent\u003C/h3>\r\n\u003Cp>DTI improvement takes time, but every payment and smart decision adds up. Recheck your ratio every few months using Farber’s DTI calculator to track your progress. Seeing that number go down? That’s motivation to keep going.\u003C/p>\r\n\u003Ch2>How Farber Can Help\u003C/h2>\r\n\u003Cp>If your debt-to-income ratio in Canada feels like it’s weighing you down, you don’t have to figure it out alone.\u003C/p>\r\n\u003Cp>At Farber, our Licensed Insolvency Trustees help Canadians find practical ways to manage debt, from budgeting and consolidation to debt relief options like consumer proposals.\u003C/p>\r\n\u003Cp>We also offer a \u003Ca href=\"/debt-income-calculator\">free DTI calculator\u003C/a> that lets you quickly see where you stand and how different changes can improve your financial outlook.\u003C/p>\r\n\u003Cp>Take the first step toward a healthier financial future. Book a free consultation today and find out how to lower your DTI and get back on solid ground.\u003C/p>\r\n\u003Ch2>FAQs About Debt-to-Income Ratio in Canada\u003C/h2>\r\n\u003Ch3>What Is the Average Debt-to-Income Ratio in Canada?\u003C/h3>\r\n\u003Cp>As of 2025, \u003Ca href=\"https://www.canadianmortgagetrends.com/2025/09/household-debt-to-income-ratio-ticked-higher-in-q2-statistics-canada/#:~:text=September%2011%2C%202025-,Household%20debt%2Dto%2Dincome%20ratio%20ticked%20higher%20in%20Q2:,almost%2075%25%20of%20the%20total.\" target=\"_blank\" rel=\"noopener\">Canada’s average household debt-to-income ratio sits around 170%\u003C/a>. That means Canadians owe about $1.70 for every dollar they earn. Ideally, your personal DTI should stay under 42%.\u003C/p>\r\n\u003Ch3>What Are Ideal DTI Levels for a Mortgage?\u003C/h3>\r\n\u003Cp>Most lenders prefer to see DTI levels below 36% to 42% for mortgage approval. Anything higher can affect how much you’re allowed to borrow.\u003C/p>\r\n\u003Ch3>Can a Consumer Proposal Help Lower My DTI?\u003C/h3>\r\n\u003Cp>Yes. A consumer proposal can reduce your unsecured debt, simplify your payments, and improve your debt-to-income ratio over time.\u003C/p>\r\n\u003Ch3>Is There a DTI Calculator for Canada?\u003C/h3>\r\n\u003Cp>Yes! You can \u003Ca href=\"/debt-income-calculator\">try Farber’s free DTI calculator\u003C/a> to see how your debt compares to your income and track your progress over time. It’s fast, easy, and helps you understand where your money’s going.\u003C/p>\r\n\u003C!-- /wp:paragraph -->","Debt-to-Income Ratio Canada: What It Is and Why It Matters","debt-to-income-ratio-canada","2025-11-11 11:46:39","2025-11-11 16:46:39","https://www.farber.ca/blog/debt-to-income-ratio-canada/",{"ID":326,"post_author":39,"post_date":327,"post_date_gmt":328,"post_content":329,"post_title":330,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":331,"to_ping":38,"pinged":38,"post_modified":332,"post_modified_gmt":333,"post_content_filtered":38,"post_parent":44,"guid":334,"menu_order":44,"post_type":302,"post_mime_type":38,"comment_count":303,"filter":304},2421,"2023-05-19 17:44:26","2023-05-19 21:44:26","If debt is making your life a little (or a lot) harder to manage, you are likely looking for ways to get things back under control. Good for you — taking that first step is huge! You might have come across the term Licensed Insolvency Trustee (LIT) in your search, and if you are not exactly sure what it means or how a LIT could help, you’re in the right place. Let us break it down: Licensed Insolvency Trustees (LITs) are professionals in Canada who are trained and authorized to help people and businesses manage their debt and find the right solution. They are the only professionals legally allowed to file a bankruptcy or \u003Ca href=\"/blog/what-is-a-consumer-proposal\">consumer proposal\u003C/a> for you. So, if you’re looking for real, sustainable \u003Ca href=\"/debt-relief\">debt relief\u003C/a>, a LIT is a great person to have in your corner.\r\n\u003Ch2 aria-level=\"2\">Understanding the Role of a Licensed Insolvency Trustee\u003C/h2>\r\nSo, what exactly does a LIT do, and why should you care? LITs are like your financial lifeline when things feel overwhelming. They are regulated by the Office of the Superintendent of Bankruptcy (OSB) — a part of the Canadian federal government that oversees insolvency matters. LITs act as neutral third parties, helping both you and your creditors reach a fair solution that works for everyone. And becoming a Licensed Insolvency Trustee? It is not an easy path. It requires years of education, training, and passing rigorous exams. So when you are working with a LIT, you can be sure they know what they are talking about.\r\n\u003Ch2 aria-level=\"2\">Key Responsibilities of Licensed Insolvency Trustees\u003C/h2>\r\nA LIT wears a lot of hats when it comes to helping you with your finances. Here is what they do:\r\n\u003Ch3 aria-level=\"3\">1. Assess Your Financial Situation\u003C/h3>\r\nOne of the first things a LIT will do is take a deep dive into your finances. They will look at your income, debts, expenses, and assets to get a full picture of what’s going on. From there, they will help you figure out what debt solution makes the most sense for you.\r\n\u003Ch3 aria-level=\"3\">2. Provide Financial Counselling\u003C/h3>\r\nIt is not just about paying off debt: LITs offer broader financial counselling to help you with budgeting, managing your money better, and setting you up for future success. It is all about making sure you have the tools to not only solve your current financial problems but to avoid them — and debt — in the future.\r\n\u003Ch3 aria-level=\"3\">3. Manage Debt Solutions\u003C/h3>\r\nLITs are the only professionals in Canada authorized to file legal debt relief options like Consumer Proposals or bankruptcies. If either of these solutions fits your situation, they will guide you through the process step by step, making sure everything is clear and smooth.\r\n\u003Ch2 aria-level=\"2\">Services Offered by Licensed Insolvency Trustees\u003C/h2>\r\nIf your debt has become too much to manage, the last thing you should do is take out a \u003Ca href=\"/blog/payday-loans-alternatives\">payday loan\u003C/a>. With astronomical interest rates, choosing a payday loan is a temporary solution that will only make your situation worse in the long run. That is why, \u003Ca href=\"https://www.ic.gc.ca/app/scr/tds/web/?lang=eng\" target=\"_blank\" rel=\"noopener\">when you reach out to a LIT\u003C/a>, you will find they offer a range of services designed to help you get your finances back on track. Here is what they can do for you:\r\n\u003Ch3 aria-level=\"3\">Consumer Proposals\u003C/h3>\r\nA Consumer Proposal is like a legal offer to your creditors to pay back a portion of your debt over time. It is a fantastic option if you want to avoid bankruptcy but cannot afford to pay back the full amount you owe. LITs are the only people who can file these proposals for you.\r\n\u003Ch3 aria-level=\"3\">Bankruptcy Administration\u003C/h3>\r\nIf your financial situation has reached the point where bankruptcy is the best option, a LIT is there to help. They will walk you through the entire process, from filing the paperwork to managing your assets, so you can get the fresh financial start you need.\r\n\u003Ch3 aria-level=\"3\">Debt Management Plans\u003C/h3>\r\nIf your debt feels overwhelming but you are not ready for a Consumer Proposal or bankruptcy, a debt management plan can help you take control. It is not about consolidating your debts, \u003Ca href=\"/blog/why-setting-financial-goals-is-important\">but about implementing smart strategies to manage and reduce them over time\u003C/a>. With this plan, you can combine your debts into one monthly payment, which you pay to them, and they distribute the funds to your creditors. This simplifies the repayment process, making it easier to manage your finances and work toward becoming debt-free.\r\n\u003Ch3 aria-level=\"3\">Plans for Financial Success\u003C/h3>\r\nStart by creating a realistic budget, tracking your income and expenses to see where you can cut back, \u003Ca href=\"/blog/how-to-motivate-yourself-to-save-money\">save more\u003C/a>, and allocate more funds toward debt repayment. Next, prioritize your debts — consider the \"debt avalanche\" method, where you focus on paying off the highest-interest debt first, then move on to the next. This approach helps reduce the amount of interest you pay over time, making it easier to stay on top of your financial obligations. Stay consistent, and as your payments chip away at your debt, you will find yourself getting closer to financial freedom.\r\n\u003Ch3 aria-level=\"3\">Financial Counselling\u003C/h3>\r\nFinancial counselling is a huge part of what LITs offer. They will work with you to develop better financial habits and ensure you \u003Ca href=\"/debt-counselling\">have a solid plan moving forward\u003C/a> to avoid similar financial issues in the future.\r\n\u003Ch2 aria-level=\"2\">The Process of Working with a Licensed Insolvency Trustee\u003C/h2>\r\nIf you are wondering how working with a LIT works, here is a simple breakdown of the process:\r\n\u003Ch3 aria-level=\"3\">1. Free Consultation\u003C/h3>\r\nThe first step is to have a free consultation. This is where the LIT will assess your financial situation and start thinking about potential solutions. It is also a chance for you to ask questions and feel out the process.\r\n\u003Ch3 aria-level=\"3\">2. Discuss Your Options\u003C/h3>\r\nAfter they have had a chance to review your situation, the LIT will lay out your options. Whether it is a Consumer Proposal, bankruptcy, or another solution, they will explain everything in detail and help you make the best decision for your situation.\r\n\u003Ch3 aria-level=\"3\">3. Putting a Plan in Place\u003C/h3>\r\nOnce you have chosen the right solution, your LIT will get to work putting your plan into action. They will take care of the paperwork, communicate with your creditors, and make sure everything runs smoothly.\r\n\u003Ch3 aria-level=\"3\">4. Ongoing Support\u003C/h3>\r\nEven after your plan is in place, your LIT will continue to provide support. From counselling to guidance, they are there to help you stay on track and get your financial life back in order.\r\n\u003Ch2 aria-level=\"2\">Benefits of Working with a Licensed Insolvency Trustee\u003C/h2>\r\nThere are some major benefits to working with a LIT. Here are just a few:\r\n\u003Ch3 aria-level=\"3\">Expert Guidance\u003C/h3>\r\nLITs are experts in debt relief. They have gone through years of training and are fully equipped to give you the best advice for your situation.\r\n\u003Ch3 aria-level=\"3\">Legal Protection\u003C/h3>\r\nWhen you work with a LIT, you get access to legal debt relief solutions that are protected by federal law. This means your creditors must stop collection efforts, which can give you some much-needed breathing room.\r\n\u003Ch3 aria-level=\"3\">Non-Judgmental Support\u003C/h3>\r\nTalking about your financial struggles can be tough, but LITs are here to help, not judge. They understand that financial issues happen to the best of us, and their goal is to provide a safe, supportive environment.\r\n\u003Ch3 aria-level=\"3\">Personalized Solutions\u003C/h3>\r\nEveryone’s financial situation is unique. LITs will create a plan that is personalized to your specific needs, making sure you get the best possible outcome.\r\n\u003Ch2 aria-level=\"2\">Learn How Farber Can Help\u003C/h2>\r\nIf you are feeling overwhelmed by debt, remember that you don’t have to tackle it alone. At Farber Debt Solutions, our Licensed Insolvency Trustees are here to help you find the right solution, all while offering the judgment-free, supportive environment you deserve. \u003Ca href=\"/book-a-consultation\">Contact us today for a free consultation\u003C/a>. We are here to listen and guide you towards a better financial future.","What is a Licensed Insolvency Trustee and What Do They Do?","what-is-a-licensed-insolvency-trustee","2025-01-10 07:53:20","2025-01-10 12:53:20","https://www.farber.ca/blog/what-is-a-licensed-insolvency-trustee/",{"ID":336,"post_author":39,"post_date":337,"post_date_gmt":338,"post_content":339,"post_title":340,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":341,"to_ping":38,"pinged":38,"post_modified":342,"post_modified_gmt":343,"post_content_filtered":38,"post_parent":44,"guid":344,"menu_order":44,"post_type":302,"post_mime_type":38,"comment_count":303,"filter":304},2455,"2020-07-24 20:49:50","2020-07-25 00:49:50","\u003C!-- wp:heading -->\r\n\u003Ch2 id=\"h-how-to-deal-with-debt-and-unemployment\" class=\"wp-block-heading\">How to Deal with Debt and Unemployment\u003C/h2>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Paying off debt can be difficult for anyone. Bills keep coming, interest keeps adding up, and it can feel like there is no end. The situation becomes even more difficult if you lose your job. Dealing with debt when you’re unemployed takes a stressful situation and makes it almost unbearable. However, there are things you can do to deal with debt if when you’re not working.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Here are some \u003Ca href=\"/blog/how-to-handle-credit-card-debt/\">tips for handling debt\u003C/a> when you’re unemployed.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading {\"level\":3} -->\r\n\u003Ch3 id=\"h-pay-in-cash\" class=\"wp-block-heading\">Pay in Cash\u003C/h3>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>It’s nearly impossible to pay off debt if you are continuing to add on new debt. The solution is to stop using \u003Ca href=\"https://www.afarber.com/blog/how-to-pay-off-credit-card-debt-wisely/\">credit cards\u003C/a> whenever possible and live on cash. Plus, if you’re paying most of your day-to-day expenses in cash, you can’t overspend and accidentally increase your debt.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>When you’re living on cash you can only spend money that you actually have in your bank account. This can be good for avoiding additional debt, but it also opens up the possibility of spending all your available money before you’ve paid all your expenses. Therefore, it’s crucial to track your spending and stick to your budget so this doesn’t happen.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading {\"level\":3} -->\r\n\u003Ch3 id=\"h-adjust-your-budget-and-your-plans\" class=\"wp-block-heading\">Adjust your Budget and Your Plans\u003C/h3>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Speaking of your budget, you’ll likely want to adjust your budget and cut as many non-essential expenses as possible. This may be a time where you’ll want to consider stopping services such as cable, streaming services, gym memberships, and other monthly expenses. You can always get them back later when you’re in a stronger financial position.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>You’ll also want to adjust your debt repayment schedule. If you had planned to pay off your debts in a certain time period, you may have to consider whether this plan still makes sense for you. Aggressive \u003Ca href=\"/start-here/\">debt repayment\u003C/a> is generally a good idea, but not if doing so comes at expense of the rest of your life. You need to make sure you have money to pay for the essentials (food, shelter, etc.).\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>However, you should still try to make at least the minimum payment on your debts. Otherwise, you could be charged significant penalties by your creditors and you could also do damage to your credit rating.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading {\"level\":3} -->\r\n\u003Ch3 id=\"h-prioritize-your-payments\" class=\"wp-block-heading\">Prioritize your Payments\u003C/h3>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>When it comes to paying your bills each month, you’ll need to make sure you pay the most important ones first. For many people, this means paying for housing, food, water, electricity, heating, etc. Once these expenses are taken care of, you’ll need to see how much you have left over and how you should best spend this money.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Once you’ve made all the minimum payments on your \u003Ca href=\"/blog/what-is-the-best-way-to-handle-credit-card-debt/\">credit cards and other debts\u003C/a>, you may want to focus on putting a little extra on the debt with the highest interest rate. This will \u003Ca href=\"/blog/saving-money-as-a-new-homeowner/\">save you money\u003C/a> in the long run.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>However, putting some money aside for emergencies is also important. It will be up to you to determine how to best prioritize your spending as each financial situation is unique.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading {\"level\":3} -->\r\n\u003Ch3 id=\"h-talk-to-your-creditors\" class=\"wp-block-heading\">Talk to your Creditors\u003C/h3>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Normally, when you have debt, the last thing you want to do is talk to your creditors. However, doing so can be beneficial in certain situations and unemployment is one of these situations. If you explain your situation to you creditors, you might be able to convince them to help you out.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Try to contact your creditors before you miss any payments. Missing payments not only hurts your credit rating, but it can also harm your relationship with a creditor, and you want to have them on your side at this point.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Explain your employment situation and tell them that you’re having trouble paying your bills and debts right now. The creditor may offer to lower your monthly payments for a period of time due to your unemployment. They may also be willing to reduce the interest rate you’re paying, which will lower how much you’ll be expected to pay each month.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>Be honest, explain your situation clearly, and make sure you know how much you can afford before you call your creditors. If they are willing to change the terms of your loan, make sure to get the changes in writing.\u003C/p>\r\n\u003C!-- /wp:paragraph -->\r\n\r\n\u003C!-- wp:heading {\"level\":3} -->\r\n\u003Ch3 id=\"h-get-help\" class=\"wp-block-heading\">Get Help\u003C/h3>\r\n\u003C!-- /wp:heading -->\r\n\r\n\u003C!-- wp:paragraph -->\r\n\u003Cp>In some instances, people who are having debt troubles may need help from a qualified professional. For example, most Licensed Insolvency Trustees offer free consultations where they will review your financial situation and provide you with details on the available options. This information can be a big help if you’re struggling with debt and not sure what to do.\u003C/p>\r\n\u003C!-- /wp:paragraph -->","Learn How to Manage Debt While Unemployed: A Complete Guide","dealing-with-debt-when-youre-unemployed","2025-01-10 07:27:07","2025-01-10 12:27:07","https://www.farber.ca/blog/dealing-with-debt-when-youre-unemployed/",{"fieldGroupName":346,"introduction":347,"type":350,"accordions":125,"faqs":351,"button":399,"enableSeoSchema":125,"anchorId":402},"FaqAccordion",{"supertitle":38,"heading":348,"text":349},"Frequently asked questions","Get answers to the most commonly asked questions about debt-relief solutions, debt terminology, budgeting and more.","faq",[352,362,370,379,389],{"ID":353,"post_author":39,"post_date":354,"post_date_gmt":355,"post_content":356,"post_title":357,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":358,"to_ping":38,"pinged":38,"post_modified":359,"post_modified_gmt":360,"post_content_filtered":38,"post_parent":44,"guid":361,"menu_order":44,"post_type":350,"post_mime_type":38,"comment_count":303,"filter":304},474,"2024-06-14 08:56:06","2024-06-14 12:56:06","Most people have some debt, usually in the form of a mortgage, car loan or line of credit. But how do you know when it’s too much? Here are a few ways to tell if you have too much debt.\r\n\u003Cul>\r\n \t\u003Cli>Can’t pay monthly expenses without a credit card/line of credit\u003C/li>\r\n \t\u003Cli>Only making minimum payments every month\u003C/li>\r\n \t\u003Cli>Taking out more loans to pay monthly expenses\u003C/li>\r\n \t\u003Cli>Receiving calls from creditors\u003C/li>\r\n \t\u003Cli>Missed payments\u003C/li>\r\n \t\u003Cli>Not sure how much debt you have\u003C/li>\r\n \t\u003Cli>Regularly use overdraft protection on your bank account\u003C/li>\r\n \t\u003Cli>Feeling stressed or worried about your debt\u003C/li>\r\n \t\u003Cli>Hiding your debt or your spending\u003C/li>\r\n\u003C/ul>","How do you know if you have too much debt?","how-do-you-know-if-you-have-too-much-debt","2025-03-06 06:14:50","2025-03-06 11:14:50","https://www.farber.ca/?post_type=faq&p=474",{"ID":363,"post_author":39,"post_date":364,"post_date_gmt":365,"post_content":366,"post_title":367,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":368,"to_ping":38,"pinged":38,"post_modified":364,"post_modified_gmt":365,"post_content_filtered":38,"post_parent":44,"guid":369,"menu_order":44,"post_type":350,"post_mime_type":38,"comment_count":303,"filter":304},477,"2024-06-14 09:44:30","2024-06-14 13:44:30","A debt challenge is when you’re struggling with managing your debts. You may have trouble making regular payments to pay off your bills, and the amount you owe keeps growing.\r\n\r\nA budget problem is when you’re having difficulty creating and sticking to a budget. You may be having difficulties managing your income and expenses and find it hard to save.","How do I know if I have a debt or a budget challenge?","how-do-i-know-if-i-have-a-debt-or-a-budget-challenge","https://www.farber.ca/?post_type=faq&p=477",{"ID":371,"post_author":39,"post_date":372,"post_date_gmt":373,"post_content":374,"post_title":375,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":331,"to_ping":38,"pinged":38,"post_modified":376,"post_modified_gmt":377,"post_content_filtered":38,"post_parent":44,"guid":378,"menu_order":44,"post_type":350,"post_mime_type":38,"comment_count":303,"filter":304},478,"2024-06-14 09:45:11","2024-06-14 13:45:11","LITs are the only experts in Canada authorized to help reduce or eliminate debt through a consumer proposal or bankruptcy process. As LITs, we help people who have problems repaying their debts by providing practical advice and offering strategies that reduce your debt obligations.\r\n\r\nLITs are regulated by the \u003Ca href=\"https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en\">Office of the Superintendent of Bankruptcy (OSB)\u003C/a>, a division of the federal government.","What is a Licensed Insolvency Trustee?","2025-03-06 07:03:34","2025-03-06 12:03:34","https://www.farber.ca/?post_type=faq&p=478",{"ID":380,"post_author":39,"post_date":381,"post_date_gmt":382,"post_content":383,"post_title":384,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":385,"to_ping":38,"pinged":38,"post_modified":386,"post_modified_gmt":387,"post_content_filtered":38,"post_parent":44,"guid":388,"menu_order":44,"post_type":350,"post_mime_type":38,"comment_count":303,"filter":304},479,"2024-06-14 09:45:52","2024-06-14 13:45:52","Calls from collection agencies and creditors can be annoying and even harassing. And they won’t just give up and stop calling. But there are ways to properly handle them.\r\n\r\nThe quickest way to stop collection calls and move on with your life is to contact an LIT. If you’re facing collection calls, you’re likely already facing debt problems. LITs are the only professionals in Canada legally authorized to file consumer proposals and bankruptcies. They also provide advice and assistance about other debt management options.\r\n\r\nTo find out more, book a free, confidential, no-obligation consultation with \u003Ca href=\"https://www.farber.ca/book-a-consultation\">us today.\u003C/a>","How do I stop creditors and collection agencies from calling?","how-do-i-stop-creditors-and-collection-agencies-from-calling","2025-12-24 10:43:18","2025-12-24 15:43:18","https://www.farber.ca/?post_type=faq&p=479",{"ID":390,"post_author":39,"post_date":391,"post_date_gmt":392,"post_content":393,"post_title":394,"post_excerpt":38,"post_status":10,"comment_status":297,"ping_status":297,"post_password":38,"post_name":395,"to_ping":38,"pinged":38,"post_modified":396,"post_modified_gmt":397,"post_content_filtered":38,"post_parent":44,"guid":398,"menu_order":44,"post_type":350,"post_mime_type":38,"comment_count":303,"filter":304},480,"2024-06-14 09:46:08","2024-06-14 13:46:08","Everyone’s financial situation is different. Here are some questions to ask your LIT during the first consultation.\r\n\u003Cul>\r\n \t\u003Cli>What is the best debt-relief option for my situation?\u003C/li>\r\n \t\u003Cli>What are the pros and cons of any other options?\u003C/li>\r\n \t\u003Cli>Which of my debts will be affected?\u003C/li>\r\n \t\u003Cli>How much will this cost?\u003C/li>\r\n \t\u003Cli>Will anyone else in my family be affected by the solution suggested?\u003C/li>\r\n \t\u003Cli>How will this affect my credit rating?\u003C/li>\r\n \t\u003Cli>Who will I work with throughout the process and how often will we speak to each other?\u003C/li>\r\n \t\u003Cli>How long will I be committed to my debt-relief solution?\u003C/li>\r\n \t\u003Cli>Once you help me with my debt, is that the end of our relationship?\u003C/li>\r\n\u003C/ul>","What questions should I ask during my first consultation?","what-questions-should-i-ask-during-my-first-consultation","2025-03-06 06:16:13","2025-03-06 11:16:13","https://www.farber.ca/?post_type=faq&p=480",{"title":400,"url":401,"target":38},"See more FAQs","https://www.farber.ca/faq/","faqs",{"menus":404,"siteSettings":743,"fallbackPages":794},[405,423,434,465,505,538,719],{"locations":406,"menuItems":408},[407],"HEADER_CAMPAIGN",{"nodes":409},[410,416],{"uri":411,"label":187,"cssClasses":412,"description":8,"id":413,"parentId":8,"childItems":414},"#consultation-form",[],"cG9zdDoyNTYz",{"nodes":415},[],{"uri":417,"label":418,"cssClasses":419,"description":8,"id":420,"parentId":8,"childItems":421},"tel:+18449848677","+1 844-984-8677",[],"cG9zdDoyNTY0",{"nodes":422},[],{"locations":424,"menuItems":426},[425],"HEADER_FOCUS",{"nodes":427},[428],{"uri":411,"label":429,"cssClasses":430,"description":8,"id":431,"parentId":8,"childItems":432},"Book Now",[],"cG9zdDoyODc5",{"nodes":433},[],{"locations":435,"menuItems":437},[436],"FOOTER_1",{"nodes":438},[439,446,451,458],{"uri":440,"label":441,"cssClasses":442,"description":8,"id":443,"parentId":8,"childItems":444},"/debt-relief/","Your Debt Relief Options",[],"cG9zdDoyNTIw",{"nodes":445},[],{"uri":9,"label":6,"cssClasses":447,"description":8,"id":448,"parentId":8,"childItems":449},[],"cG9zdDoyNTIx",{"nodes":450},[],{"uri":452,"label":453,"cssClasses":454,"description":8,"id":455,"parentId":8,"childItems":456},"/what-makes-us-different/","What Makes Us Different",[],"cG9zdDoyNTIy",{"nodes":457},[],{"uri":459,"label":460,"cssClasses":461,"description":8,"id":462,"parentId":8,"childItems":463},"/our-team/","Our Team",[],"cG9zdDozMzI3",{"nodes":464},[],{"locations":466,"menuItems":468},[467],"FOOTER_2",{"nodes":469},[470,477,484,491,498],{"uri":471,"label":472,"cssClasses":473,"description":8,"id":474,"parentId":8,"childItems":475},"/locations/","Locations",[],"cG9zdDozMTA3",{"nodes":476},[],{"uri":478,"label":479,"cssClasses":480,"description":8,"id":481,"parentId":8,"childItems":482},"/faq/","FAQs",[],"cG9zdDoyNTIz",{"nodes":483},[],{"uri":485,"label":486,"cssClasses":487,"description":8,"id":488,"parentId":8,"childItems":489},"/glossary-of-terms/","Glossary of Terms",[],"cG9zdDoyNTI1",{"nodes":490},[],{"uri":492,"label":493,"cssClasses":494,"description":8,"id":495,"parentId":8,"childItems":496},"/careers/","Careers",[],"cG9zdDozNTI5",{"nodes":497},[],{"uri":499,"label":500,"cssClasses":501,"description":8,"id":502,"parentId":8,"childItems":503},"/sitemap/","Site 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Farber & Partners Inc. All Rights Reserved",{"enableGlobalAlertBanner":125,"text":780,"bannerColor":781},"\u003Cp>\u003Cb>Important Notice:\u003C/b> We are experiencing issues with our phones. Please visit our \u003Ca href=\"https://www.farber.ca/contact-us/\">Contact Us\u003C/a> page for other ways to connect.\u003C/p>\n","coral",[783,784],"team_listing","team_detail",{"enableCorporationSchema":20,"companyName":786,"companyLogo":787,"companyWebsiteUrl":793},"Farber Debt Solutions",{"node":788},{"srcSet":789,"sizes":767,"mediaItemUrl":790,"altText":38,"mediaDetails":791},"https://www.farber.ca/wp-content/uploads/2025/07/farber-logo.png 300w, https://www.farber.ca/wp-content/uploads/2025/07/farber-logo-150x150.png 150w","https://www.farber.ca/wp-content/uploads/2025/07/farber-logo.png",{"height":55,"width":55,"filePath":792},"/wp-content/uploads/2025/07/farber-logo.png","https://www.farber.ca",{"generic":795,"blog":800,"location":805,"team":810},[796,798],{"languageCode":21,"uri":797},"https://www.farber.ca/",{"languageCode":25,"uri":799},"https://www.farber.ca/fr",[801,803],{"languageCode":21,"uri":802},"https://www.farber.ca/blog",{"languageCode":25,"uri":804},"https://www.farber.ca/fr/blogue",[806,808],{"languageCode":21,"uri":807},"https://www.farber.ca/locations",{"languageCode":25,"uri":809},"https://www.farber.ca/fr/emplacements",[811,813],{"languageCode":21,"uri":812},"https://www.farber.ca/our-team",{"languageCode":25,"uri":814},"https://www.farber.ca/fr/notre-equipe",[816,829,839,850,860],{"id":817,"title":296,"uri":818,"excerpt":819,"featuredImage":820},"cG9zdDoyNDEw","/blog/difference-between-debt-and-budget-problems/","\u003Cp>Money can sometimes feel like one big, hard hike that you, alone, must conquer. Usually, when attempting a hike, the trail will have markers to help you – but oftentimes, they can be hard to solve or even outdated. Similar to markers on a long hike, there actually are some signs that can give you […]\u003C/p>\n",{"node":821},{"sourceUrl":822,"altText":38,"srcSet":823,"sizes":824,"mediaDetails":825},"https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99.jpg","https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99-300x200.jpg 300w, https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99-1024x683.jpg 1024w, https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99-768x512.jpg 768w, https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99-1536x1024.jpg 1536w, https://www.farber.ca/wp-content/uploads/2023/09/Blog-Image-99.jpg 1732w","(max-width: 1024px) 100vw, 1024px",{"height":826,"width":827,"filePath":828},1155,1732,"/wp-content/uploads/2023/09/Blog-Image-99.jpg",{"id":830,"title":310,"uri":831,"excerpt":832,"featuredImage":833},"cG9zdDoyNDMx","/blog/how-to-stop-collection-calls/","\u003Cp>“The worst was the collector calling me during my grandson’s birthday party – he was yelling at me and demanding payment,” said James*, remembering the stress he experienced dealing with debt collectors. “They’d also call early every morning – even on weekends – I finally had no choice but to turn off my phone.” James […]\u003C/p>\n",{"node":834},{"sourceUrl":835,"altText":38,"srcSet":836,"sizes":824,"mediaDetails":837},"https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76.jpg","https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76-300x200.jpg 300w, https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76-1024x683.jpg 1024w, https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76-768x512.jpg 768w, https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76-1536x1024.jpg 1536w, https://www.farber.ca/wp-content/uploads/2022/10/Blog-Image-76.jpg 1732w",{"height":826,"width":827,"filePath":838},"/wp-content/uploads/2022/10/Blog-Image-76.jpg",{"id":840,"title":320,"uri":841,"excerpt":842,"featuredImage":843},"cG9zdDoyNDA5","/blog/debt-to-income-ratio-canada/","\u003Cp>Ever feel like your paycheque hits your account and vanishes before you can blink? Between bills, loans, and everyday expenses that keep climbing, it’s easy for debt to take more than its fair share. That’s where your debt-to-income ratio (DTI) comes in. What Is a Debt-to-Income Ratio (DTI)? Your debt-to-income ratio in Canada is like […]\u003C/p>\n",{"node":844},{"sourceUrl":845,"altText":38,"srcSet":846,"sizes":847,"mediaDetails":848},"https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17.jpg","https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17-200x300.jpg 200w, https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17-683x1024.jpg 683w, https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17-768x1152.jpg 768w, https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17-1024x1536.jpg 1024w, https://www.farber.ca/wp-content/uploads/2023/10/Blog-Image-17.jpg 1155w","(max-width: 683px) 100vw, 683px",{"height":827,"width":826,"filePath":849},"/wp-content/uploads/2023/10/Blog-Image-17.jpg",{"id":851,"title":330,"uri":852,"excerpt":853,"featuredImage":854},"cG9zdDoyNDIx","/blog/what-is-a-licensed-insolvency-trustee/","\u003Cp>If debt is making your life a little (or a lot) harder to manage, you are likely looking for ways to get things back under control. Good for you — taking that first step is huge! You might have come across the term Licensed Insolvency Trustee (LIT) in your search, and if you are not […]\u003C/p>\n",{"node":855},{"sourceUrl":856,"altText":38,"srcSet":857,"sizes":824,"mediaDetails":858},"https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74.jpg","https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74-300x200.jpg 300w, https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74-1024x683.jpg 1024w, https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74-768x512.jpg 768w, https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74-1536x1024.jpg 1536w, https://www.farber.ca/wp-content/uploads/2023/05/Blog-Image-74.jpg 1732w",{"height":826,"width":827,"filePath":859},"/wp-content/uploads/2023/05/Blog-Image-74.jpg",{"id":861,"title":340,"uri":862,"excerpt":863,"featuredImage":864},"cG9zdDoyNDU1","/blog/dealing-with-debt-when-youre-unemployed/","\u003Cp>How to Deal with Debt and Unemployment Paying off debt can be difficult for anyone. Bills keep coming, interest keeps adding up, and it can feel like there is no end. The situation becomes even more difficult if you lose your job. Dealing with debt when you’re unemployed takes a stressful situation and makes it […]\u003C/p>\n",{"node":865},{"sourceUrl":866,"altText":38,"srcSet":867,"sizes":824,"mediaDetails":868},"https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75.jpg","https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75-300x200.jpg 300w, https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75-1024x682.jpg 1024w, https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75-768x512.jpg 768w, https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75-1536x1024.jpg 1536w, https://www.farber.ca/wp-content/uploads/2020/07/Blog-Image-75.jpg 1733w",{"height":826,"width":869,"filePath":870},1733,"/wp-content/uploads/2020/07/Blog-Image-75.jpg"]