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We're launching a new Debt Management workshop!

Momentum is launching a new workshop on debt management and we chatted with Hiroko Nakao, Financial Empowerment Manager at Momentum about the new offering.

  • Article
  • Money management
  • Momentum news

Fri Sep 15, 2023 by Momentum Staff

Why is Momentum launching a workshop on debt management?

With rising rates of inflation, folks are really struggling to make ends meet. We are finding that people who are living on lower incomes are struggling to manage their basic needs within their regular income. They might be using a credit card to cover the gap and are needing strategies to pay back their debt.

What do participants get from the workshop?

If you attend the workshop, you’ll gain knowledge on how to pay down your debt and learn about community resources to support you with your debt. If you require support to try and pay down your debt by yourself, we can provide strategies and tools for you to create a plan. We can support you to empower yourself to work towards being debt free. If you need community resources to address your debt, we support with those resources for you to get started at no cost. We can walk you through the process of finding an insolvency trustee and what kind of questions you can ask, and how much they will charge for each proceeding.

What are you excited about with this workshop?

I feel like it’s starting backwards a bit. Money management and financial empowerment are preventative approaches to finances, but a lot of folks are carrying debt. Household debt in Canada is now the highest of any G7 country. Our community is dealing with a lot of credit and a lot of debt and there is also a lot of stigma around debt. We want to be able to empower people. We can help you in a safe way, no matter where you are on the scale of debt, we can connect you to legitimate insolvency trustees. We want to broaden the knowledge base and reduce the stigma.