As I picked up my copy of the Hamilton Spectator on Saturday, I couldn’t help but notice the big bold number printed on the front page “129,000â€. That is the number of jobs lost in Canada during the month of January, and over half of them from Ontario. Since Statistics Canada began compiling data in the 1970s, this is the largest single monthly job drop.
How has this massive loss of jobs impacted the Hamilton area? For starters, the unemployment rate in Hamilton has jumped to 8 per cent, which is among the highest rates in Canada, and it is reported that Hamilton has lost over 8,000 jobs since last October, mainly from the manufacturing and steel industries.
Although economists believe that the current recession will be short lived, for many Hamiltonians, reduced income and mounting debt could spell disaster.
Is it possible for you to weather the storm and deal with your financial problems on your own? The best advice I can give is to be proactive and have a plan in place now. It may be as easy as seeking the help of a credit counsellor to learn how to cut back on some expenses and to rework your budget. Alternatively, filing a consumer proposal or a personal bankruptcy might be most advantageous in your personal circumstances.
If you would like to discuss your options with me, simply give our Hamilton office a call at 310-PLAN, or email me. I would be happy to review your situation with you and answer any questions you have.
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