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The Economic Crisis on ProvinceWide and Canada AM

By J. Douglas Hoyes, CA, Trustee

Over the past month I have received a number of calls from reporters asking for my thoughts on the economic crisis.  I’m always eager to share practical advice on how to deal with debt.  On November 8 I appeared on ProvinceWide on CTV Southwestern Ontario on a show called Your Money, Your Future (you can watch a clip by clicking on this ProvinceWide link).  I advised everyone to reduce their debt, and make a plan to stay out of debt in the future.

This morning I also appeared on Canada AM in a report by Pat Foran, who did a great story on How to Survive the Crumbling Economy.  You can watch the report here on the Canada AM web site.  I gave the same advice: reduce your debt, and have a “Plan B” in case your situation gets worse.

You can read more in our article on Surviving the Economic Crisis.  Mr. Foran led off his report by noting that consumer bankruptcies are way up, and he’s right.  In Ontario, personal bankruptcy and consumer proposal filings in Canada are up 8% over the last year,  18% over the last three months, and were up 32% in September 2008 as compared to September 2007.  Clearly the economy is in bad shape.

I agree to appear on television not to spread doom and gloom, but instead to spread the word that there is help available.  If you have more debts than you can handle, take action now.  Give my office a call at 310-PLAN (no area code required anywhere in Ontario) or e-mail us and we will explain your options for dealing with debt.  There is help available, but only if you take the first step and contact us today.

Full post as published by Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog on December 04, 2008 (boomark / email).