Financial Advice for Individuals

Financial advice to prevent insolvency

Avoid the consumerism trap.


It is sometimes difficult to avoid being trapped by consumerism if you don’t take certain precautions. With the accessibility of credit cards and purchase-financing offers, many people end up facing financial difficulties, small or great. Fortunately, solutions exist to prevent consumerism, and manage your personal finances effectively. Here is some financial advice from Ginsberg Gingras professionals to address overconsumption.

Avoid the consumerism trap
  • 1

    Pay in cash.

  • 2

    Use only one credit card.

  • 3

    Make your payments by the due dates.

  • 4

    Avoid compulsive purchases.

  • 5

    If possible, wait till the next day before making a purchase in order to analyze its importance.

  • 6

    Avoid purchases in response to telephone and door-to-door solicitation.

  • 7

    Buy second-hand items to economize.

  • 8

    Borrow items from family members or friends, in order to avoid certain expenditures.

  • 9

    Analyze all the obligations of a contract before signing it.

  • 10

    Calculate how much time you have to work to pay for a purchase.

  • 11

    Monitor your personal financial status.

  • 12

    Analyze your consumption habits in order to make appropriate resolutions.

  • 13

    Prepare a budget and record all your income and expenditures in it.

  • 14

    Prepare a balance sheet and analyze your financial health annually.

Implementing this advice can help you return to a balanced budget if you are facing debt problems. But remember, nothing replaces a consultation with a qualified Ginsberg Gingras licensed insolvency trustee (LIT).

Financial advice to better manage your finances


The financial tips mentioned above are strongly recommended because they are effective. Adopting wise consumption habits is imperative in order to regain control of your financial situation. The more you manage your finances carefully, the better will be your financial reputation and credit history. It will be easier for you to borrow from financial institutions. You will also be less concerned about debt problems stemming from consumerism.

Financial advice to better manage your finances

Why should consumerism be prevented?


Of course, the major danger is that consumerism will lead to insolvency. Applying the advice provided by Ginsberg Gingras is a good way to avoid the traps of consumerism and limit debt levels. It is also very important to make a budget and respect it as closely as possible. However, if you already have problems with debt because of excessive consumption, our trustees can offer you tailor-made financial advice. The first consultation is free and there is no obligation. It will help you understand your situation and learn about solutions to solve the problem of consumerism.

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Solutions to problems of debt and consumerism


There are many solutions to debt problems. Be sure to choose the best option as a function of your needs and level of debt. In general, low levels of debt can be resolved by negotiating with creditors or a debt consolidation. When the level of debt is high, a consumer proposal can be made instead of a bankruptcy. The consumer proposal is a solution that allows consumers to reimburse debts based on their capacity and budget. For more information, please contact a professional in order to obtain financial advice adapted to your needs.

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