Most Canadians are unaware of what constitutes too much debt, and to be fair there is not one simple answer. Most people will say that your level of debt should be equal to the risk that you are willing to carry. The more debt the higher the level of risk.
Top Ways for Canadians to get out of Debt
Are you feeling overwhelmed by your debt? Not to worry there are things you can do to curb the tide. There is no one size fits all solution for getting out of debt but there are things you can do to try and reduce your overall debt level.
Can I qualify with Pension or Disability income?
Yes. Any income that is coming into the household qualifies as income for our Consolidation Options.
Will the creditors approve of the program?
Yes. We have been dealing with creditors since 1991 and have a blemish free relationship with them.
Can I make extra or lump sum payments into the program?
Absolutely. This will help you to become debt free sooner, and this is what we’re all about.
What happens to my Credit Rating?
Without getting too technical, your credit rating is a record of your bill paying history. If you have been late or missed monthly payments on your credit cards or unsecured loans, it has been reflected on your credit report.
Can I include Payday Loans in the Debt Plans?
Yes. We can include all unsecured debt such as Credit Cards, Overdrafts, Lines of Credits, Payday Loans, Department Store Cards and any bill in Collections or old utility bills that you are not using anymore.
Can I include my Mortgage/Car payment in the program?
No. They are referred to as secured loans and if the monthly payments are not made as prescribed in the loan documents the lending company will begin foreclosure or re-possession action.
What is Unsecured Debt vs. Secured Debt?
One of our first conversations with a new client is to determine if their debt is secured or unsecured. Many people don’t understand the difference which is completely understandable as it is a confusing topic.
What are my options to consolidate my debt?
This article explains the six options available to pay off your debt sooner.