Weathering the Storm: Managing Debt and Expenses During Financial Uncertainty

Despite your best efforts to prepare, sometimes life’s unexpected events can still take you off track. Two months ago, who would have thought the financial uncertainty we now face was even possible? Unexpected, life-disrupting events can take you off-course, but that isn’t where your financial journey ends.  Here’s what you can do pay off debt and manage your expenses in a period like today, when the future feels less certain.

Make Payment Arrangements With Your Lenders

If you’ve been laid off or have become sick due to COVID-19 and as a result your paycheck is smaller than usual, try to contact your lenders as soon as possible to make payment arrangements. The impact of COVID-19 has been felt nationwide and as a result, many lenders including banks, utilities (hydro, gas, water) and wireless and cable providers, have stepped up to support their customers. They may help you create a payment plan, defer your payments, or allow you to pay your bills late without penalty if you give them notice. Try asking for a term extension which may help lower your monthly payment to  better fit your current budget. You may even be able to defer your mortgage payments!

We are Supporting Our easyfinancial and easyhome Customers Through the Customer Assistance Program:

We have many options available for our customers who may be in need of repayment support including:
  • Partial Payments: The ability to make partial payments towards your loan.
  • Term Extensions: The option to extend the term of your loan to help reduce the amount of your loan payment. Unsecured loans are open term, which means you can… - Whats supposed to be here?
  • Payment Deferrals: Defer an upcoming payment.
  • Loan Protection Plan: If you are a customer that purchased our Loan Protection Insurance, you may be covered for up to 6 months of payments as a result of job loss or illness. Now is the time to use us so call your local branch to find out how to submit a claim.

We are here to help. 
We know that each of our customer’s situations is unique, and we are committed to working with each one of you to help you find a solution that will best fit your needs. Contact your easyfinancial branch or easyhome branch, or give us a call at 1-888-502-3279 for assistance. 

Take Things One Step at a Time

Regardless of how you envision your financial future, it’s important to focus on there here and now. Try our Budget Calculator to help you stay on track as you navigate this changing financial situation. Remember, financial health is a marathon, not a sprint. Small steps over time will take you to better tomorrows.  Every time you pay a bill on time or transfer a small amount into savings, you’re taking another step towards a better financial future. Focus on what you can control, and take the rest in stride.



Stay Positive

Though it might not feel like it, financial wellness is within reach—often, you just need to have the right partners by your side to help you. We can be your partner in getting back on track towards a better financial future. Give us a call so we can learn more about your personal situation, and let you know how we can help.

Previous Article
How To Recession-Proof Your Finances
How To Recession-Proof Your Finances

Next Article
#StrongerTogether: How to Handle Stress and Anxiety in Uncertain Times
#StrongerTogether: How to Handle Stress and Anxiety in Uncertain Times

Every Canadian is undergoing massive change as they navigate a new normal in the wake of COVID-19. whatever...