April 30, 2012 13:54 ET

Surviving a Job Loss

OTTAWA, ONTARIO--(Marketwire - April 30, 2012) - An unexpected job loss is emotional enough, without the added challenge of dealing with bills and debt. BDO can assure you that there is a light at the end of the tunnel: losing a job does not have to be a disaster. As one of Canada's most trusted names in accounting, we're here to help you move forward with confidence and financial security, providing valuable tips on how to avoid debt.

Start with developing a written budget or plan based on your reduced income. This will help you take control of your spending, help you prioritize expenses and show you where you can save money. Determine what - if any - expenses you can cut back on to help avoid taking out loans or using credit cards. If you currently have credit card debt or outstanding loans, continue to reduce your debt where possible, paying off higher interest loans and cards first. Consider talking to your bank about the option of debt consolidation. If you have equity in your home, ask about the option of refinancing your mortgage to pay down debt.

If you still find you do not have enough money to sustain yourself or your family through a period of unemployment, and your debt is unmanageable, then it's time to seek professional debt help. A possible solution is to settle your debt through a formal debt management plan which is presented to your creditors with the help of a trustee.

Should you require help exploring your options, BDO is here to provide assistance. With over 90 years' experience helping Canadians with their financial needs, BDO provides you with debt help and management solutions to help you get back on your feet. Since we offer initial consultations with no obligation, you don't have anything to lose by seeking professional advice.

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