TOP TRENDS AFFECTING CONSUMERS IN 2017

THE FOLLOWING IS THE LAST ARTICLE IN A THREE-PART SERIES

T hese days, consumers are only a click away from agreeing to a contract or buying something online. Consumer Protection BC has identified three key transactions and situations facing consumers in 2017, as well as tips to help navigate them.

TREND #3: HOUSEHOLD DEBT MAINTAINS ITS HOLD ON CONSUMERS

If you are struggling with debt, you are not alone. It can be a very stressful experience and can feel overwhelming when trying to figure out where to start to manage debt. While not every option will work for everyone, here are four options to consider as a starting point:

1. CONSOLIDATE DEBT: Speak to your bank about the possibility of consolidating your debt into one payment with a lower interest rate. This may be helpful, especially if you are carrying debt on credit cards or other high interest loans.

*TIP: Ask your financial institution to match your loan payment dates with your payroll pay dates to make monthly cash flow planning easier.

2. TRACK SPENDING AND MAKE A PLAN: A monthly spending plan can help determine your monthly expenses and where you are spending your money. You may be surprised where you can cut back in order to pay down debt and enhance your savings. There are many online budget calculators and spreadsheets available; a good place to start looking is the Financial Consumer Agency of Canada website.

3. BUILD A SAVINGS BUFFER: In addition to paying down debt, building a savings plan for those unexpected events or emergencies is a good idea. Speak to your financial institution about setting up a savings account where you can make automatic contributions. It’s important to “pay yourself first” when it comes to saving for retirement and other events.

*TIP: Consider having automatic contributions match your payroll pay dates.

4. SPEAK TO A PROFESSIONAL: Support is available from organizations and financial or debt repayment professionals who offer a number of viable options. Do a little research first and find out what sectors are regulated; read up on your rights as a consumer and look into what services are provided at what cost. There’s a lot to know and many resources at your disposal related to debt management. Only you know what’s right for you.

Consumer Protection BC does regulate the debt repayment and debt collection sectors in B.C. If you have recently walked away from a consumer transaction with those sectors and something just doesn’t feel right, you can contact Consumer Protection to try to find a solution. They have the authority to deal with some laws in British Columbia and can refer you to another organization or option if it is better suited to help you (such as court or legal assistance). Either way, they will do our best to help you figure out the best avenue to take.

Connect at: notrightbc.ca.