Learning the tools to help tackle debt once and for all

For many, tackling debt is a priority. It can feel like quicksand for those whose debt grows with payments that seem out of reach. Debtors calling at all hours, wanting payment, or bouncing checks and pushing aside bills to keep debt at bay is not a fun tightrope to manage. To help residents learn strategies to deal with their debt, Whitecourt’s FCSS is holding a free information session next month in partnership with Money Mentors.

On April 7, from 6:30-8:00 pm, an instructor with Money Mentors, an Alberta-based, non-profit credit counselling agency, will zoom in for the session. People can either take part virtually from home or attend in person in the AJMC boardroom and watch from there.

Money Mentors helps Albertans get out from under the debt cloud, learn to manage their debt and plan for their eventual retirement. Along with providing free financial sessions, like the one coming up in Whitecourt, they also work in schools to help get students ready for the future. On their site, Money Mentors’ mission statement is “to educate Albertans in personal money management and the wise use of credit, and to provide alternatives for families and individuals facing financial crisis.”

Whitecourt FCSS Program Coordinator Fay Arcand said they have held similar presentations in the past and recently did one on fluctuating income with Hendrickson Black LLP. “We have done a variety of financial education sessions throughout the years, and they are totally free to attend. Our partners are really great. They are awesome to provide that information for us free of charge. That way, the public can get the information they need to thrive in our community.”

Finances suffered for many Albertans through the pandemic as wages were cut, hours were reduced, and jobs were lost. Saving accounts took hits or were decimated entirely, leaving no choice but to rack debt. “It’s important to get a handle on debt and learn steps to get out of it. It’s also really important for people to know that it’s not a lost cause. There are ways you can help yourself. This course is meant to be accessible and is meant to help,” explained Arcand.

Some of the topics that the Money Mentors instructor will teach include strategies for paying off debt quicker, options for debt restructuring, tips for increasing income and lowering expenses, and how to work with creditors. Arcand said that the information provided could help start a dialogue and can help format a plan.

“Sometimes debt can feel like there’s no way out. It can be quite a thing to carry. Debt can affect many different aspects of your life, so finding that little light at the end of the tunnel that you can work towards for financial stability can be life-changing for some who aren’t aware of what can be done to help themselves.”

Though the course is about tackling debt specifically, it is also an excellent topic for students to help build up knowledge on how not to get into debt in the first place or how to recognize a problem. “There’s no age limit to this course. It’s for everyone. We have previously done Adulting 101 courses, and this is similar to other budgeting courses we are offered, and we have had youth take part,” said Arcand. “It’s valuable information. Hopefully, they are not in debt as a youth, but they can learn the skills to stay out of it. It’s proactive.”

Part of the FCSS mandate supports people in developing skills and thriving in their community. FCSS also helps people build independence and strengthen coping skills, to become more resistant to crises. “It’s education, and it gives tools that they can use in their real life. It’s not like you’re the only person this has ever happened to, so it gives people the tools they need to help themselves and move forward.” The free Tackle Debt information session will be held on Thursday, April 7, from 6:30-8:00 pm, virtually or in person at the AJMC. To register, call 780-778-3637 ext. 0. The course ID is #7681.