Job Loss, Debt and the GM Oshawa Shut Down

Job Loss Can Lead to Debt Problems

You believe that your job is secure – and that may be true – but what is certainly true is that job loss is one of the biggest contributors to financial problems out there.

It’s not difficult to imagine how losing your job can lead to a debt problem. It’s also not hard to imagine a growing debt problem that is out of control. In recent news, this past weekend, Canadian manufacturing staple GM Oshawa announced they will be shutting down all plants in Durham region. The layoffs arrive just in time to surprise approximately 2,500 workers right before the holidays who now face losing their job  in 2019. For these workers, job security has become an issue proving that this can happen to anyone at any time.

Job Loss – The Impact

The loss of more than two thousand jobs in the area will have a big impact on the local economy. The loss of these jobs will impact not only the workers and their families, but also businesses that rely on GM as a customer for a service or product. For example, suppliers, car dealerships, parts and recycling businesses, will all lose revenue because of the plant shutdowns.

Job Loss & the Housing Market

Oshawa, like most other metropolitan areas in Ontario, has experienced a dramatic housing boom in recent years. The housing boom, now coupled with rising interest rates, is going to lead to a couple of issues. First, people who have been laid off will struggle to pay their mortgage and risk foreclosure. Second, housing values could be negatively impacted by so many jobs lost in the economic area.

How Spergel Can Help

The Licensed Insolvency Trustees (LITs) at Spergel have more than 30 years of experience helping thousands of individuals deal with debt related to job loss. We can help if you are experiencing a reduction in household income, shifting careers, or are unable to refinance your home to consolidate debt. With compassion and support, we can help you become debt free by reviewing all of your options and selecting the debt-free solution that will work best for you. If you reside in Durham region, are a GM worker concerned with job loss and in need of debt help, or are concerned about making your monthly mortgage payments and meeting all of your obligations after your lay-off – we can help.

We have offices east of the GTA for your convenience and our LIT Colin Boulton is available to meet with you in Oshawa and the surrounding area. Let Colin help you navigate this period of job loss with the least impact to your financial wellbeing. We have offices in the following eastern locations:

Belleville

Lindsay

Oshawa

Peterborough

Scarborough East

If you need our help because of job loss, don’t wait to get advice, it’s always better to address a financial problem before it gets out of control. You owe it to yourself to protect your finances from damage during this vulnerable time in your life. Call us toll free: 1-877-501-4321 today to get free advice from an LIT or book online here.

To the displaced Durham GM Workers, we want you to know that we are here any time if you need our advice, we understand what you must be going through and we wish you the best.