Are You Feeling Financially Squeezed?May 25, 2015
Are you feeling financially squeezed and trapped by debt? Consider the following questions:
Do you carry a large amount of student loan debt and wonder how to pay off your student loan?
Are you struggling to find full-time, long-term employment in your chosen field?
If you are employed full-time, do you still struggle to pay your bills and make ends meet?
Are high housing costs making it almost impossible for you to save for a down payment on a house and buy your first home?
If you own a home, is your mortgage debt making it difficult to afford other important things?
Do you often work more than 40 hours and sacrifice time with your family or friends in order to make ends meet?
Are high child care costs causing you to struggle financially or prohibiting you from starting a family?
If you answered yes to most of the above questions, it’s likely that you are, indeed, financially overwhelmed. It’s also likely that you being effected by a social phenomenon called ‘Generation Squeeze’ or GenSqueeze.
If you haven’t heard the term before, you may be wondering what GenSqueeze is all about and what it has to do with the money and debt challenges you currently face. The term ‘Generation Squeeze’ is a term that is increasingly being used to describe the predicament in which Canadians between the ages of 25 – 45 years old find themselves. Those adults who are under 45 face increasing financial challenges such as high housing costs, high student loan burdens, rising childcare costs, lack of full-time, permanent employment opportunities and wages that have remained stagnate since the mid-1970’s.
Faced with financial pressures that previous generations did not have to contend with, those affected by GenSqueeze may often rely on debt in order to manage financially. However, when these challenges become overwhelming, debt can quickly spiral out of control and become problematic. It can also seem like there is no way out of the endless cycle of debt.
For many Millennials and Generation Xers, the situation can seem hopeless, however there are ways to effectively deal with debt and mitigate debt problems. There are also debt relief professionals who can provide advice and information regarding these strategies.
Which debt relief strategy is best? It depends. Selecting the best long-term debt relief strategy is a personal choice and depends on many individual factors. Bankruptcy is one example that, although utilized as a last resort, can be a beneficial option for many who are struggling to deal with and manage their overwhelming debt burdens. If you are part of the group feeling GenSqueeze and are overwhelmed with and unable to deal with the debt you carry, it may be a wise idea to speak with a trustee in bankruptcy who can answer your bankruptcy questions and assist you in determining whether this is the right step for you. A trustee can also suggest other, alternative options that may be more suited to your situation, such as a consumer proposal or debt consolidation, and can recommend credit counselling services to help you get back on track and deal with the financial challenges you face as part of the ‘squeeze’ generation.
Are you feeling #GenSqueeze? What is the biggest financial challenge that you face? Share your thoughts with BDO Edmonton! #LetsTalkDebt