Getting out of debt can feel like an impossible task. But it’s not. With the right information, guidance, and support, you can get out of debt faster than you think. The trick is knowing where to start. You might be surprised to learn that debt isn’t always bad—in fact, it can be helpful when used correctly. You just need to make sure that your debts are manageable and affordable so they don’t keep piling up on top of each other like a house of cards ready to collapse at any moment (which happens more often than you’d think). In this guide we’ll walk through what getting into debt looks like and how you can use these tips to get back on track with your finances!
When you’re in debt, it can feel like you’re never going to get out.
When you’re in debt, it can feel like you’re never going to get out. You might have the same thought I did: “I’ll never be able to pay off all this debt. I will always have debt.” The stress of living like this is intense, and as a result, so is the sense of being trapped—a feeling that’s only exacerbated by financial challenges such as low or unstable income and unemployment.
If your debt is causing stress and negatively affecting your life in other ways (for example, by limiting what you can do), then something has to change. Here are some ways to help:
- Get back on track with budgeting
- Start saving for the future
Your debt-to-income ratio will tell you how much of your income goes toward paying off your debts.
Your debt-to-income ratio is a way to measure your financial health. It’s the percentage of your income that goes toward paying off all of your debts. The debt-to-income ratio is calculated by dividing a list of outstanding debts by total household income. For example, if you have $20,000 in credit card debt—and annual household income is $50,000—your debt-to-income ratio would be 40 percent (20 / 50).
The higher the number on this scale, the more at risk you are for experiencing financial trouble down the road. If your ratio is too high (e.g., above 40 percent), it may mean that you can’t afford to take on any new loans or repay existing ones without getting deeper into trouble with debt collectors and creditors who want their money back immediately!
Understand the way that debt works and how it fits into your life.
The first step toward getting yourself out of debt is to understand how debt works in your life. Debt isn’t a bad thing, and it doesn’t always have to be bad for you. It can actually be a great tool for optimizing your finances and helping you achieve the things that are important to you. For example, if buying a house is something you want in the next few years, taking on some mortgage debt could be an excellent way to get there faster—assuming that the value of what’s being purchased outweighs the cost of borrowing money at interest rates higher than those available through other investments.
However, there are times when taking on too much debt isn’t wise at all; this usually happens when people don’t understand or respect their own limitations with regard to paying off loans over time (e.g., credit card balances). If this sounds like something that describes your own situation right now then please keep reading!
Know what happens if you don’t pay your bills on time.
You may think that if you skip a payment or two, it won’t matter. But if you don’t pay your bills on time, there are consequences. You could lose your credit score and find it hard to get loans in the future. Your creditor can also sue you for payment and send the case to collections if they decide not to pursue legal action themselves. These actions can make it difficult for you to get approved for new credit cards or loans in the future because they’ll lower your credit score even further.
There are many options for paying off debt and saving money, but not all of them work for everyone.
There are many options for paying off debt and saving money, but not all of them work for everyone. You can pay off debt in a variety of ways, including:
- paying off your credit card with another credit card
- using a cash back rewards credit card to save money on everyday purchases like groceries
- taking out a personal loan or line of credit to pay down your debt faster (but this can be risky if you’re carrying too much debt)
If you need help deciding how you want to pay your debts, consider getting advice from an expert at CCDR.
If you’re struggling with debt, try these tips.
If you’re in trouble with your debt load, try these tips:
- Pay off the debt with the lowest balance first and roll that payment toward the next largest the following month.
- Make a budget and stick to it. If you don’t know where your money is going, you might be surprised by how much of it is going toward unnecessary spending—like those daily coffee runs or weekly happy hour outings that seem harmless but really add up over time.
With enough knowledge and support, getting out of debt can be less scary than it seems at first.
If you’re feeling overwhelmed by the idea of getting out of debt, don’t worry. With enough knowledge and support, getting out of debt can be less scary than it seems at first.
- You can do it yourself: If you have a basic understanding of how to manage money and create a budget, then self-management might be an option for your situation.
- You can get help from a professional at CCDR: A professional can help set up an action plan and provide guidance along the way as well as assist with difficult decisions or unexpected challenges along the way. While this type of assistance is often more expensive than self-help options, having someone else involved who understands what needs to happen may feel more reassuring during times when things seem overwhelming (and they will!).
Getting out of debt is a tough process, but it’s also a rewarding one. If you’ve managed to get this far and read this article about the best ways to save money and pay off debt, then you’re already taking steps toward your financial goals. The next step is simple: follow our advice! Keep in mind that there are many different approaches to spending less and saving more—whether it’s cutting down on eating out or finding creative ways around paying bills late. No matter what method works best for you personally, keep working towards those goals until they become habits instead of just resolutions by using our tips above as guidance along the way!
It’s possible for your vehicle to be repossessed if you don’t make timely payments on it.
Collateral is a valuable asset that is held by the lender when you take out a loan.
It’s important to know how collateral works, because it can protect you from repossession if you default on your payments.
In this article, we’ll explain what collateral is and how it works in Canada. We’ll also discuss which types of assets are considered acceptable by lenders as collateral for loans, and cover some unique situations where repossession may occur despite having reasonable security in place.
When you purchase a vehicle, the vehicle itself acts as collateral.
When you purchase a vehicle, the vehicle itself acts as collateral. You are borrowing money from a lender and then giving them something of value to secure that loan. The lender takes possession of your car as collateral until you pay off your debt; it’s like how when you get a mortgage, they take your house until you pay off your debt.
You must be aware of who has taken ownership of this property in order to ensure that no one else can take advantage of its presence within their possession.
If you stop making payments on your loan, the bank or other lender to whom you owe the money can come and take possession of your car.
However, they must follow the rules of whatever province in which the vehicle is registered. In most provinces, lenders must give you written notice before proceeding with repossession. This notice period varies from two to ten days depending on where you live and what kind of loan product it is (for example: secured vs unsecured).
The lender cannot repossess a vehicle if it’s being used for work purposes or transporting a member of your family who has special needs; however, they may still be able to put a lien against any other property owned by that person until their debt is paid off.
Ontario has a procedure in which the lender will send a letter warning that they intend to repossess your vehicle.
If you live in Ontario, the lender must send a notice of intent to repossess your vehicle at least 15 days before the repossession. The notice must be sent by registered mail to the address of the vehicle’s owner.
If you receive such a letter and believe that your loan is still current and your payments are up to date, contact your lender immediately and ask them to cancel their plans for repossession.
You can avoid having your car repossessed by ensuring that you make all of your payments on time.
Before you can begin to deal with this possibility, it’s important to understand why your car might be repossessed. If you fail to make payments on time, the lender will often threaten repossession as a way of getting its money back. However, if you’re in default on your loan and haven’t made any payments at all in years (or even months), it’s unlikely that a lender would bother pursuing repossession; your vehicle is simply not worth enough for them to go through the trouble of reclaiming it from its current location.
On the other hand, if you have made some payments but still have an outstanding balance on the loan—or are simply behind on one or more monthly installments—then there may be grounds for your car being taken back by its creditor! Of course, this would only happen if they were able to find out where exactly their asset was located (which could be difficult considering how many people don’t file address change notifications after moving). The takeaway here? Make sure that all of your debts are paid off on time so that no one comes knocking at night with torches or baseball bats demanding their money back immediately!
It’s possible for your car to be repossessed if you don’t make timely payments on it.
If you don’t make timely payments on your vehicle, the bank can repossess it. The bank buys your car from the original lender and then resells it to recoup some of their losses.
This is why it’s important to make sure that you always pay your vehicle loan on time. If you don’t, the car could be taken away from you and sold by someone else who doesn’t care about how much money and effort went into buying it originally.
You can avoid having your car repossessed by making all of your payments on time so that no one will want to take it away from you!
If you’re worried about your vehicle being repossessed, it’s best to make sure that you keep up with all payments. Also, keep in mind that there are laws in Ontario that require lenders to give you a warning before they can repossess your car.
Let’s face it, debt is a huge problem. If you’re in debt, you know that feeling of dread when the bills come in and the balance isn’t what you wanted it to be. The worst part about being in debt is not having any money left over for fun things after paying off your bills each month. What do people do? They go into even more debt because they want to buy something nice or take a vacation but don’t have enough money saved up (or cannot get financing). This leads us to wonder: how badly do you want out of debt?
I don’t want to be rich. I just want my debts paid off… and then some.
You’re not trying to be rich, you just want your debts paid off.
You want the freedom to do what you want, when you want.
Like retire at 60 and travel with your spouse? Do it!
Or maybe start a business that requires lots of work and long hours? Go for it!
Do you know what your debt payments are every month? If you carry over a balance on your credit card, have you looked at the minimum payment lately? Even if you have a payment of $50 on a credit card, that could take decades to pay off if you only pay the minimum.
To calculate how long it will take for your debt to be paid off, use this formula:
Total Debt / (Monthly Interest Rate x 12) = Time to Pay Off Debt in Years
Say you owe $25,000 in student loans with an interest rate of 6%, and you make monthly payments of $250. You would divide 25000 by (6% x 12) and get 210 months or 20 years.
How many credit cards do you have? Why do you have them? Do you really need so many accounts?
Credit cards are not free money. They’re not even a good way to build credit. You should never obtain a new credit card just because you want the rewards, and it’s best to stay away from co-branded cards that offer points for your favorite store or airline.
If you do have a lot of credit cards, consider how many accounts you really need. Do all these accounts come with annual fees? If so, can you cancel them? Are there any promotional deals available for signing up for a new card which would help offset the cost of switching over?
What is something that costs more than it’s worth to you? Is it a meal at a restaurant that doesn’t feed your family enough or make them feel satisfied? Is it a pair of shoes that don’t fit quite right or aren’t quite what you wanted? Is it an item from a store that doesn’t accept returns (or doesn’t offer refunds or exchanges)? You’re probably being wasteful somewhere in your life.
- Don’t spend money on things that don’t give you value.
- Don’t spend money on things that don’t fit your needs or budget.
- Don’t spend money on things that don’t fit your lifestyle.
Are there things you want to do but aren’t doing because of money? Go on vacation. Start an education. Buy a car. Pay off debt so you can eventually retire and travel. For most people, these are things they’d like to do eventually. But for those holding out for someday, this list never seems to get fulfilled.
- Go on vacation.
- Start an education.
- Buy a car.
- Pay off debt so you can eventually retire and travel.
For most people, these are things they’d like to do eventually. But for those holding out for someday, this list never seems to get fulfilled—and it’s not just because of money but also because of time and other commitments (work, family). Unfortunately, the longer you wait until you start saving and paying down your debt, the more difficult it becomes when it comes time to invest in yourself or plan for something worthwhile later in life (like retirement).
If you want to cut out the waste in your life, it’s important that you start with what matters most. You can’t be wasteful with all of your money if you’re trying to pay off debt and save for retirement. So instead of feeling guilty about spending $5 on coffee each day, focus on where those dollars are going towards something important like retirement or paying down student loans.
If you’re getting a divorce in Canada, you have to divide your assets. This is more difficult than it sounds because there are many factors to consider. This guide will help you learn how to separate property and debts in a way that’s fair for both parties involved.
Who owns what.
The division of assets in a divorce will depend on the type of asset. Some types of assets are considered “family assets” and must be divided equally between you and your spouse, while others (such as gifts) are excluded from the division process.
Family assets include:
- Money and investments
- Property (houses, land)
- Cars, boats and other vehicles
Do you need a lawyer?
If you are married and contemplating divorce, chances are you will need a lawyer to help with the divorce process. While there are self-represented litigants that can handle their own divorce, it is advisable to retain a lawyer as they will be able to navigate the difficult waters of family law. If you cannot afford a lawyer, speak with Legal Aid.
If you are not married but living together in a common-law relationship and considering separating from your partner, then it is advisable that both parties get legal advice from an experienced family law practitioner before making any decisions about how assets should be divided between them. The courts recognize that property rights exist for unmarried couples whose cohabitation has lasted for two years or longer (or if one party has provided caregiving services to children of their partner during this period). However, it may not always be easy for these couples to reach an agreement on dividing up things like pensions and RRSPs without outside help from lawyers who specialize in this area – so again: talk with someone who knows what they’re doing!
Who is responsible for the debts?
If you are the person who has to pay off the debt, you will be held responsible for it. In most cases, this means that you will be paying the debt until it is paid off in full (or until it is sold and paid off).
However, if at some point during the divorce process a court rules that your spouse should have been paying for the debts in question but was not doing so, then it may be possible for your spouse to claim any outstanding payments on those debts as income tax deductions.
How to divide assets.
The division of assets and debts is one of the most important parts of a divorce. It can be difficult to know what to do, especially if you have trouble making decisions on your own. The first step is to separate your assets from your spouse’s. Your lawyer can help with this task, but it will be up to you to decide which items stay with one partner and which belong exclusively with the other.
The next step is determining what should be considered part of both partners’ property during a divorce settlement process. Once again, these are matters best left in the hands of professional legal counsel; however, there are some general guidelines that may apply:
- All assets owned before marriage or acquired during marriage by gift or inheritance (including trust funds) should not be split between partners; they remain entirely under ownership by whoever owns them before or after separation occurs
- All debts incurred prior to separation remain under obligation unless otherwise agreed upon in advance by both parties involved
- Any remaining shared debt must then be divided equally between each party based on their respective incomes from past tax returns
Divorce is a difficult time, and having a divorce lawyer can make it easier.
Divorce is a difficult time, and having a divorce lawyers can make it easier. Divorce lawyers can help you get a fair settlement, division of assets, division of debts, and division of support payments. A good divorce lawyer will help ensure that all parties are treated fairly throughout the process.
Divorce is never easy for anyone involved. It’s important to stay informed about your rights as well as the laws surrounding divorce in Canada so that you can make informed decisions about how your finances should be handled during this difficult time in your life.
Divorce can be a difficult experience, but it doesn’t have to be. With the right lawyer on your side and a good understanding of the process, you could end up much better off than your ex-spouse. This is why we suggest that every person who is going through a divorce should get legal advice.
There are many reasons why inflation occurs. Food and fuel prices are often considered the biggest culprits, but the average consumer’s spending habits can play a big role as well. Inflation is inevitable and there’s no way to stop it, but that doesn’t mean you have to spend more money than you need to just because prices go up over time. It’s important to be prepared for inflation as best you can so that it doesn’t hurt your budget too much or even worse, put you into debt!
- Being prepared: The most important thing you can do is to draw up a budget and plan for the future. As inflation creeps in, you want to make sure that your income keeps pace with it and doesn’t lag behind. This means planning ahead so that you can save more money when things are good, but also being flexible enough so that when things go awry (as they inevitably will), there’s still some cash flow left over each month.
- Saving enough money: If your income is steady, then saving is easy—just set aside what’s left at the end of each month for savings or investments and keep doing it until it becomes habit! However, if your income varies from month-to-month or week-to-week (sometimes even day-to-day), then saving may be more difficult because sometimes there won’t be any money left over after covering expenses like rent/mortgage payments or groceries; this is where having an emergency fund comes in handy!
Look at your mortgage
If you have a fixed-rate mortgage, consider refinancing if rates drop. The longer the term of your mortgage, the better it is to refinance at lower rates. If you’re already in a variable rate, look into getting a fixed or capped rate that matches your current mortgage if rates drop.
Get ahead of things
Inflation is a tricky beast. It can sneak up on you without you even realizing it, and before you know it your budget is in shambles. It’s important to stay on top of inflation so that your financial situation doesn’t fall apart!
- Look at your budget: If you’ve done a good job of tracking where your money goes each month, then this may be a breeze for you. If not, we recommend using an app like Mint or Quicken to track expenses for at least two months to get a better idea of how much money comes in versus how much goes out. Once that’s complete, create categories where appropriate and try to come up with some creative solutions if there are any red flags (for example: “Eating Out” might be too high).
- Look at other areas of spending: Are there any areas where we could cut back? Where are our priorities? Is there anything else we could eliminate completely? This step will likely take some time—and possibly some tears—but setting aside personal luxuries means that when inflation hits hard again next year (or sooner), we’ll still have enough saved up for those rainy days.*
Save on food
If you are looking to save on food, there are some easy ways that you can do this. The first option is to buy in bulk. This will allow you to get a lot of the same product at once and then store it for later use. It may also be more cost effective than buying smaller quantities throughout the month or week.
Another good way to save money is by looking for sales and coupons from various stores that sell similar products, particularly grocery stores and supermarkets. You can also look for cheaper alternatives like lower quality items or cheaper brands than what you normally buy as well as cheaper stores and meal options like eating out less often or cooking your meals at home instead of ordering out on nights when possible (which will save even more money).
Buy cheaper brands
There are many ways of lowering your grocery bill without sacrificing quality. Some options are as simple as buying generic brands, while others might require some planning and preparation. Here’s a list of tips to keep in mind when shopping for groceries:
- Buy store brands instead of name-brand products
- Buy in bulk when possible (e.g., at Costco)
- Buy in season or on sale
- Buy on Amazon (if you have a Prime membership)
Coupons are one of the easiest ways to save money on your groceries, and they’re also a great way to save money on other items you purchase. You can find coupons in newspapers, magazines, online and in stores. Coupons typically allow you to buy an item at a lower cost than normal price; however some coupons may even include free products!
The following are some examples of how you can use coupons:
- Use them as currency for trading within your community (e.g., swapping clothes with friends).
- Give them away as gifts for birthdays or holidays.* Don’t throw away expired ones! They still have value!
Cut back on eating out
Eating out is a luxury, so you should cut back on it when times are tough. The best way to do this is to eat at home more often and only eat out less often. If you do decide to go out, try eating at cheaper restaurants or even fast food chains like McDonald’s or Burger King. You’ll save yourself some money and get some good value for your buck.
Buy generic brands
- Generic brands are usually cheaper
- Generic brands are usually the same quality as brand names
- Generic brands are usually available at the same stores as brand names
Take stock of your bills
To start, list all of the monthly bills you pay. These include things like rent or mortgage payments, car insurance and gas costs, grocery bills and utility bills (water/electricity). Next, figure out how much money you spend on each bill per month, per year and even per week/day/hour if possible.
Now that you have a clear picture of how much money is going out every month, we can begin to identify potential areas where we can cut back on spending.
One of the first things you should do as a budgeter is to look at your utility bills. Look for anything that can be done to lower your cost, whether it’s changing providers, using less electricity or water, or switching from heating oil to natural gas. If you find yourself driving long distances every day for work and need to cut back on gas usage, consider taking public transportation instead of driving yourself (or maybe even getting rid of one car altogether).
Inflation is inevitable, but that doesn’t mean you can’t plan ahead.
Inflation is a natural process that occurs when the supply of money grows faster than the demand for it. When this happens, prices rise and the purchasing power of your money decreases.
Inflation does not happen overnight; it takes time for inflation to increase from 0% to 2%. And it’s important to remember that inflation is not just something that affects you and me as consumers in our day-to-day lives, but also affects businesses who need to adjust their prices accordingly in order to stay competitive in the market place.
However—just because we know what causes inflation doesn’t mean we have control over how much it will occur or when! Inflation can be very unpredictable so we all have a role here: stay informed about current economic news so you can plan ahead accordingly!
With inflation being a fact of life, it’s important that you take steps to plan for it. By being prepared and looking at ways in which you can cut back on spending when prices go up, you can avoid getting caught off guard when your grocery bill suddenly goes up or electricity rates increase without warning.
If you’re struggling with debt, there are a lot of options out there for getting help. But which one is right for you? This article will help answer that question and walk you through how to choose the best debt help provider.
Choose the best debt help provider for you
It is important to choose a debt help provider that is accredited, independent, and transparent.
- Accredited: The first thing to look for when choosing a debt help provider is whether or not it’s accredited by the government. This can be found on the website of your chosen provider. If you don’t see any accreditation information on their site, that’s probably a red flag and you should look elsewhere for help with your debts.
- Independent: You want to make sure that your debt management company doesn’t have any ties with other financial institutions (e.g., banks). This means they are not owned or affiliated with any banks or credit card companies and cannot offer products like loans through them either because it could compromise their independence as an unbiased third party in between you and those who owe you money such as credit card companies or lenders whose loans haven’t been paid off yet due to insufficient funds being available at the time when payment was due.”
Consumer proposals are a negotiated settlement—but this one happens outside the courtroom and is legally binding, so once it’s agreed upon by all parties (including you), it must be followed through on. However, while this can be helpful in getting out of debt, it does require approval from creditors and approval from courts. These types of negotiations generally tend to result in better repayment terms.
How to choose the right debt help provider
- Look for a provider that is accredited.
- Consider a local provider.
- Make sure the provider has ample experience in debt relief.
- Choose an affordable company with transparent pricing.
- Beware of companies that are not flexible or supportive when you have questions or concerns about your debt relief plan (or anything else).
Don’t settle for something that doesn’t help.
It is important to know that it is not always necessary to settle for the first debt help provider you come across. Take some time and do your research before signing up with any company or person offering their services as a debt consolidator, credit counselor or debt management plan provider.
You don’t want to sign up with someone who doesn’t have your best interests in mind, nor should you sign up with them if they don’t meet all of your needs and/or budget requirements.
We hope the information here has helped you to decide which debt help provider is best for your situation. Remember, there are many out there so do your research before making a decision and don’t settle for something that doesn’t help you achieve your goals! To find out more feel free to reach out to us.
Debt is a very common problem in Canada. It has become an epidemic that many people are dealing with on a daily basis. There are many ways to deal with your debt and we will help you decide which one works best for your situation.
Debt consolidation is a great way to lower your monthly payments and get a lower interest rate. You can consolidate all your loans into one loan, which will help you pay off the debt faster. It’s important that you consolidate the right debts: personal loans, credit cards, and lines of credit should be consolidated into a low-interest card or line of credit because these are high-interest debts.
If you want to pay off your debt faster, then it may make sense for you to use debt consolidation as part of your strategy.
Bankruptcy is a legal process that allows you to get rid of your debts. It’s the last resort and should only be considered if other options have failed.
- What are the benefits of bankruptcy? It can relieve you from most or all of your debts.
- What are the drawbacks? It can have a negative impact on your credit score for up to 10 years after completing it. Additionally, during bankruptcy proceedings, creditors may try to recover money owed before they release any claims against you. This may mean additional costs and fees before the process is complete (and even afterwards). Finally, while bankruptcy itself doesn’t take very long—usually between 3-6 months—there will be some administrative steps required by both yourself and any creditors involved in order for everything to go smoothly (just like filing taxes).
If you’re in a financial bind, credit counselling can help. Credit counsellors are trained professionals who can help you understand your options and make the best decisions for your personal financial situation. They’ll also provide advice on how to avoid future debt problems.
Credit counsellors are not:
- Debt management programs (DMPs). DMPs typically involve paying a company monthly fees in exchange for them negotiating with creditors on your behalf. While this may seem like a good way to deal with debt, it has its drawbacks—the most notable being that many DMPs charge extremely high fees and take 40% or more of what they collect from each creditor as commission, which means there’s less money left over for you after all the bills are paid off. In addition, by using one of these companies instead of negotiating directly with creditors yourself, chances increase that they won’t be able to get favourable terms—which could lead to further stress down the road when something goes wrong (like missed payments) because there’s no real relationship between you and your debt collector! Credit counselling is free; don’t waste money on unreliable services!
- Bankruptcy. If things get truly dire and bankruptcy seems like the only option left open before filing Chapter 7 or Chapter 13 bankruptcy papers then see our article What Is Bankruptcy? You might be surprised at how much better off financially speaking starting fresh under another name will pay off long term compared
A consumer proposal is a legal agreement between a debtor and their creditors. The debtor agrees to pay the creditors a fixed amount over a period of time, while the creditors agree to accept that payment and not pursue other legal action against you.
The proposal is filed with the courts, where it’s reviewed by an independent trustee who decides whether or not it should be accepted. If your proposal is accepted, interest on your debt will be reduced to 0%. The Balance owing is also reduced in most cases by up to 70%!
If you’re looking for a debt relief option that will help to improve your financial situation, coaching may be the right choice. Coaching programs offer support and guidance as you work towards getting out of debt by changing your spending habits, managing your money and making better choices with regard to purchases. These programs can also provide accountability, since coaches will often check in with their clients on a regular basis via phone calls or meetings.
Coaching is based on the idea that if you have someone to guide you through the process of achieving your goals, then it’s more likely to happen quickly and efficiently than if you were trying to do it alone. A coach can provide motivation when necessary and help keep things like motivation levels high by encouraging clients in their efforts towards reaching these goals. It also gives people who need extra encouragement or motivation an outlet for this sort of support without having to think about where else they might get it from (such as family members).
5 different services to help resolve debt issues, each one different in it’s own way. Please pick the one that is right for you.
We offer 5 different services to help resolve debt issues, each one different in it’s own way. Please pick the one that is right for you.
- Debt Consolidation: Debt consolidation is a process where multiple debts are combined into a single payment that is paid off over time. This process can be used with your current creditors or new ones (if they will accept), and can help lower the amount of interest you pay per month on your existing debts. It will not reduce the amount owed to creditors however, which means they will still require repayment even after this process has been completed successfully.
- Bankruptcy: Bankruptcy has been around as long as money itself but many people do not know what it actually entails so we have written an article explaining everything there is to know about filing bankruptcy in Canada if this option interests you! In short though, filing for bankruptcy allows individuals who are insolvent due to their inability to pay back debts due their financial situation with reasonable effort over a reasonable period of time (3 years) obtain relief from those obligations under certain circumstances such as unemployment or disability; financial hardship caused by illness; unforeseen life events such as divorce/separation etc…
We hope this article has helped you understand the different debt relief options available in Canada. If you have any questions or would like to talk about your personal situation, please contact our office at (888) 354-4706. If you are not ready to talk on the phone or in person Chat with Jennie at www.ccdr.ca We are here to help!