More Albertans turning to debt counselling services
Posted Feb 12, 2016 1:03 pm.
This article is more than 5 years old.
It has been a tough year for many Albertans, as unemployment rises and the price of oil continues to fall.
Money Mentors, a local debt counselling agency, says business continues to rise as people look for any help during these tough economic times.
The company says its always busy, but so much so that another location in Fort McMurray will be opened, as insolvencies rise in that town.
Brian Betz is an advisor who has been in the industry for the past 15 years. He told 660 NEWS, while this year is tough, it’s not as bad as it was nearly a decade ago.
“Back in 2008, 2009, it was a fiscal crisis, and the price of oil was higher at that point in time,” Betz said. “There is a hidden benefit in this, but that’s a very difficult thing to tell to somebody that’s working for an oil company that just lost their job.”
He also said it’s important not to be blind when it comes to finances.
“Know your income and expenses. Call it a budget, call it a spending plan, call it what you want. But that is the biggest surprise for most people when they come in, when we go through their income and expenses and they look at it and they go: “Well, jeez, I don’t know where that money goes.”
Betz added, while it may sound like common sense, it’s important to make a plan and look at expenses over the year, not just month to month.
And, to help save money, he suggested examining daily spending and cutting out anything that’s not necessary.
