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Regaining Control of Debt

    How to manage debt and get back to financial health

    In this article you will learn about:

    • Good vs bad debt
    • Consolidating debt
    • Debt management tips
    • Where to get help

    Identify your debts and trouble areas

    Create a list of all your debts and for each one, figure out what you owe, your monthly payments, and the interest rate.

    Examples may be your mortgage, or personal loans for a vehicle or RV. Other debt to consider are taxes, payday loans, student loans, and of course your credit card.

    Once you have compiled your list, you can start to see which debt are 'good' or necessary and which ones aren’t serving you. From there you can make a plan of action.

    One way to help manage debt is through consolidation

    Consolidating your debts can be done by applying for a loan or line of credit to pay off as much of your high interest debt as possible. You then would be paying one payment as opposed to each debt individually. This benefits you because you will be paying a loan with a traditionally lower interest rate. You will start saving money that can be put towards your debt faster. 

    When considering a consolidation loan, you need to make sure not to use the credit you are working on or you will acquire even more debt than you had before.

    Consolidation loans don’t affect your credit rating so long as you make your payments on time.

    Shop around at financial institutions for a consolidation loan and make sure to compare interest rates with lines of credit. Be aware of predatory companies offering consolidation loans but have much higher interest rates after a certain amount of time has passed.

    Once you have a good plan in place, focus on decreasing your debt 

    Your first it to make a budget! Keep track of your daily spending and find ways to make reductions. The more money you learn to save the faster you will get yourself out of debt. Think- Do I need this or want it?

    Make small changes like making your coffee at home and bringing your lunch to work can really add up.

    Keep your credit cards in your wallet! Until you have your debt in a manageable place, keep those cards in their little wallet home.

    Avoid those too good to be true deals. If you can’t afford it now, you won’t be able to afford it when the term is due and suddenly the interest rate jumps far from zero.

    Don't struggle, help is there when you need it

    Sometimes, you need help making decisions of what to do next and expert advice is needed. You are not alone in your journey back to credit health and there are plenty of professionals out there to help you. 

    Here is a list of dedicated progessionals you can rely on:

    • Financial advisors
    • An accredited NOT-FOR-PROFIT credit counsellor
    • A Licensed Insolvency Trustee

    Find a Licensed Insolvency Trustee here :

    Reach us wherever you are

    Let your fingers do the walking or come in to see us. 

    Meet with an advisor

    Book the day and time that suits you.

    Visit a branch

    We’re open between
    9:30am & 4:30pm, M-F.

    Send us an email

    Email a specific branch or department.

    Give us a call

    8am-6pm, M-F,
    9am-5pm, Sat.

    Smithers Branch

    3894 1st Avenue
    PO Box 3729
    Smithers, BC
    V0J 2N0
    250 847-3255
    Hazeltons' Branch

    4646 10th Avenue
    PO Box 159
    New Hazelton, BC
    V0J 2J0
    250 842-2255

    Houston and District Branch

    2365 Copeland Avenue
    PO Box 1480
    Houston, BC
    V0J 1Z0
    250 845-7117
    Lakes District Branch

    117-35 Lakeview Mall, Hwy 16
    PO Box 1029
    Burns Lake, BC
    V0J 1E0
    250 692-7761

    1139 Main Street
    PO Box 2380
    Smithers, BC
    V0J 2N0
    866 811-1110

    3894 1st Avenue
    PO Box 3729
    Smithers, BC
    V0J 2N0
    250 847-7936


    3350 10th Street
    PO Box 369
    Houston, BC
    V0J 1Z0
    866 811-1115

    2367 Copeland Avenue
    PO Box 1480
    Houston, BC
    V0J 1Z0
    250 845-7977

    3872 1st Avenue
    PO Box 3637
    Smithers BC
    V0J 2N0
    250 847-7933
    Member Services Contact Centre

    3894 1st Avenue
    Smithers BC
    V0J 2N0
    1 877 847-2828

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