Ask a life coach

Ask a Life Coach: Finances

Dear Jackie,

I am in a financial mess.  I have bill collectors calling and I live in fear of my wages being garnisheed.  I use money marts and high interest loans to pay off my debts then I can’t pay that off.  I am using credit to pay credit.  Please help.


First let me say that you are not alone.  60% of Canadians are two paychecks away from financial ruin.  Yes 60%!  You have taken a huge step by admitting the problem.  Without knowing exact income and expenses it’s hard for me to see the whole picture; however I feel the best thing for you to do would be to call a legitimate, licensed credit counseling company.  I like K3 Credit Counsellors. They are provincially licensed and funded, as well as reputable and can be reached at 1-866-202-0425.  They will explain all of your options and direct you in the right direction.  After you have this taken care of, then you have to change your money skills.  You can pay off the loans, but without changing what got you into trouble…Well you get the idea.  Set a budget and go CASH only.

All the Best,


For anyone else reading this post: Please, Please, Please stay away from Money Marts, Cash Marts etc.  They should not be allowed to be in business.  The interest rate ends up being 500% and you will take 5 years to pay back $500.  Google the W5 episode on these types of businesses.



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