Debt problems rarely appear overnight. They tend to develop gradually through a series of well-intentioned decisions made while trying to stay afloat: a credit card is used to cover an unexpected expense; a savings account is tapped to make a payment; a tax refund is expected to solve the problem next month. Each decision can seem reasonable in isolation, but over time these temporary fixes can make debt harder to manage. Plus, they can limit your available options going forward.
If you’re worried about debt, recognizing the warning signs early on can help you avoid unnecessary stress, interest costs, and long-term financial consequences. Mike Beregon, Credit Counsellor & Client Services Manager at Credit Canada, underlines the…