friends seek debt help

The One Where Monica Seeks Debt Help

The New Year is off to a fascinating start. We’re into February 2022, and it seems that there’s no end in sight to the strange and unprecedent events taking place in Canada and around the world, from protests in Ottawa, to tensions in Europe, to the need for debt help at home.

In times of turbulence and stress, it can be helpful to turn to old comforts, like your favourite TV shows. With that in mind, we want to use Friends as a foundation for this month’s blog – let’s write our own exchange between the gang:

Joey – How you doin’? (Wild applause from audience.)

Chandler – Joe, do you really think that this is the time to try and pick up girls?

Ross – You know Joe, we’re in a bit of a crisis. Most government programs are coming to an end, if they haven’t already. Inflation is at a 20-year high. Gas is over $90 per barrel. People are having a really tough time out there – many need debt help now or will need it soon.

Joey – Really? I didn’t know that. I just kind of thought the economy was on a break, kind of like you and Rachel.

Rachel – Thanks for bringing that up, Joey.

Ross – I’m serious, things are bad. What are we going to do?  Do you know how much it costs to buy organic food for Marcel?

Monica – You know, the owner of the restaurant I work at is really feeling the pinch. He’s kind of worried, so he started making some small changes that he said are already paying off. He thought he was going to have to restructure the whole restaurant and file this thing called a proposal deal with the debts, but then he asked a Licensed Insolvency Trustee for debt help.

The Licensed Insolvency Trustee told him to first figure out who he owed, then how much he owed and when his payments were due. He thought that by paying the minimums he could keep the restaurant afloat, but that wasn’t the case. He also had to look at his purchasing: Was he getting the best possible prices for what he needed to buy? Was he buying in the right quantities? Then, he looked at his menu:  Were the prices still right considering his increased costs? Of course, he also had to factor in my raise, and everyone else’s pay increases. He spent a long time looking at his current and potential cash inflows and outflows. He prepared a budget for his business. With the help of the Licensed Insolvency Trustee, he found that he could continue operating profitably with a few minor changes. 

I took what he learned and applied it to my own situation. I was amazed to find out that I wasn’t controlling my finances. I was spending way more money than necessary and was spending a lot of extra money on interest payments by only making minimum payments on my credit cards. I wasn’t being careful where I was spending my money, so I never had any idea if I could afford what I was buying or if I was broke. It was stressful! But now, with my raise, I’ve learned to prepare a proper budget and I know what I can and cannot afford to buy. It’s such a huge relief. 

To answer your question Joey, I’m doing great! I recommend that everyone contact Caplan Debt Solutions to learn about budgeting and how to get control of your finances. That’s what my boss did and now I’ve seen the light as well. It was easy and getting debt help gave me peace of mind!

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