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Retirement and illness end-up in debt

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  • Retirement and illness end-up in debt

    My sister was a high earning self-employed sales rep for an Etobicoke distribution company. She was earning a great salary, $180,000 a year before taxes, enjoying the fruits of her labour while still saving for her retirement. She was doing everything right financially until she developed a chronic, but treatable illness. Off work for four years to recover and workout treatment plans, her finances took a huge hit. Madison used up any savings she had, sold a small cottage she owned, and eventually had to pull out her RRSP money. Selling the cottage and even her car reduced her monthly expenses, but it wasn’t enough. With no steady income and no disability insurance, she turned to credit to pay for basics like food, a roof over her head and on-going medical costs not covered by OHIP. All the while, she kept hoping her illness would stabilize enough that she could return to work so she could reverse the downward spiral of her finances. I have heard about a debt consolidation loans do you guys think does that can help her out of debt? Please advice?
    At Charles Advisory Services we know that smart debt management begins with debt consolidation. Access to a single loan allows you to pay off all or the majority of your creditors and then have a single payment to deal with monthly. This alleviates your debt burden, stops calls from your creditors and can even allow … Continue reading "Consumer Debt Management"
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