Living with debt is a major cause of anxiety for Canadians, however, help is at hand thanks to a range of debt relief options.
No two people have the same financial circumstances which can make handling financial woes seem like something you’re dealing with alone. Whether it’s facing up to soaring credit card bills, medical expenses or simply trying to keep on top of the costs of family life, falling into debt is easier than many might think.
No matter what the reason it’s important not to bury your head in the sand when it comes to managing what you owe and instead know where to turn for solutions that can change your life without borrowing additional money.
Finding the best debt relief solution for you may seem daunting at first, however, our licensed credit councilors are here to help you on your journey to a debt free future – regardless of your situation.
Are you struggling with debt and don’t know where to turn for support? Finding and accepting help is often easier said than done, however, there are a range of Canadian Debt Relief solutions with an option to suit every circumstance.
Credit Counselling: For those who feel like they are struggling with managing their finances and their personal budget is almost at breaking point, credit counselling could prevent additional monetary problems. Credit counselling can explain the various methods open to you to help you become debt free and advise how to manage your current budget to prevent you falling further debt.
Debt Consolidation: A method of combining several different debts into one monthly payment. Managed by a listened credit counselling agency Debt Consolidation can reduce your interest charges and is designed to make managing repayment easier, helping you take back control of your finances with as little stress as possible.
Debt Management: A Debt Management Plan (DMP) is an informal agreement arranged and managed by a licensed credit counselling agency. A DMP is a flexible plan which allows you to increase or decrease monthly repayments in accordance with your current financial situation.
Consumer Proposal: A Consumer Proposal is a formal agreement between you and your creditors which is a matter of public record under the Bankruptcy and Insolvency Act. Available to those who have debts of more than $5,000 and less than $250,000 the plan is legally binding and lasts five years. A Consumer Proposal allows you to pay back part of what you owe in single monthly payments which are calculated with your typical expenditure in mind.
Debt Settlement: This is a formal arrangement to reduce unsecured debts over $10,000. Debt Settlement is also referred to as debt negotiation or credit settlement and offers the opportunity to pay a one-time lump-sum payment to settle all debts. This is an option for those keen to reduce interest charges and reduce the daily stresses caused by debt.
Bankruptcy: Personal bankruptcy may be the only option if an individual is unable to continue making repayments to creditors. It is a legal process to gain relief from unsecured debts whilst treating creditors equally and fairly. Bankruptcy will wipe out debt, giving you a fresh start, but does have severe long-term implications on your finances. It should always be a last resort.
Our specialist team of debt specialists are here to help you no matter what your circumstances are
Money Advice Canada prides itself on offering a professional and dedicated service to clients with a range of debt problems. According to recent industry figures Canadians are significantly more worried about debt and interests. The statistics show that 46% of Canadians are just $200 or less from financial insolvency while three in 10 say they don’t make enough to cover their debt or debt obligations. As a licensed credit counselling agency we appreciate that talking about debt can be difficult but our experienced team is on hand to offer expert help and advice to guide you to your debt free future.
Accessing debt help is just a phone call away. Our experienced advisors are delighted to lend a friendly ear to help find the right Debt Relief plan for your circumstances and help remove the stresses of debt management today.
At Money Advice Canada, we understand that people might find themselves surrounded with debt for many reasons including job loss, reduced income, medical expenses, or even the rising costs of raising a family. And when faced with a mountain of consumer debt, it is quite easy to become overwhelmed and to believe that you will never be able to pay off your creditors. The high interest rates associated with consumer debts, late fees for those who are behind on their payments, and much more can seem to conspire against your attempts to become debt free. That is why we want to help all Canadians better understand their debt relief options and save the most money while they get out from under their unsecured loans.
Are you struggling with debt or trying to figure out which Canadian debt relief program will help you get out of debt in the quickest amount of time and for the least amount of money? If so, let us show you that you can live a life free of bills and you do have more options than you probably realize. Simply put, if your paying out more money every month than you have coming in, we can get you to a professional who can help. Fill out the form above to get started today!
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