Canada's Top 5 Debt Relief Options
This is Canada's Top 5 Debt Relief Options :
- Debt Consolidation: A debt consolidation loan is a new loan that is given to pay off a number of smaller loans. Combining minor loans and payments into one convenient payment can make debt repayment more automatic and inexpensive. Debt consolidation loans often have a lower interest rate and can be paid off over a longer period of time. It can be a good credit card debt solution if all of your outstanding debts are addressed. The risk is that a debt consolidation solution will not remove your debt; rather, it will make repayment easier. In order to take advantage of this option, you must also apply and qualify.
- Credit Counseling: When a non-profit credit counsellor analyzes your debts and produces a multi-year repayment plan for you, this is referred to as credit counselling. A debt management plan, or DMP, is a strategy offered by a credit counselor that allows you to pay off your obligations over three to five years. Your credit counsellor offers this alternative to your creditors, and if they accept it, you pay the credit counselling organization one monthly payment. A debt management plan is not the same as debt forgiveness or debt reduction. You'll still have to pay off all of your debt, but the interest reduction you'll get may be enough to help you get out of debt.
- Debt Settlement: A debt settlement solution is a non-binding agreement between you and your creditors to repay a portion of your debt. This agreement, however, is not guaranteed, and fees are required to finish the process. You can try to negotiate a settlement with your creditors on your own if you have a lump sum of money available, however we do not suggest most debt settlement organizations as a reliable debt solution. Many charge exorbitant fees to bring them to a licensed insolvency trustee who would file a consumer proposal on their behalf.
- A consumer proposal is a legally binding agreement between you and your creditors to repay a part of your debts over the course of up to five years. Your debts are forgiven (legally discharged) at the end of the proposal term, and you may start rebuilding your credit score. When dealing with debt, a consumer proposal is often the safest and cheapest debt reduction alternative.
- Personal Bankruptcy: When it comes to debt, bankruptcy is usually the last recourse. Bankruptcy is a legal process governed by the federal government in Canada. It provides the honest, but unfortunate debtor with creditor protection and a discharge of all debts at the end of the bankruptcy period.
Each of these options has its own set of advantages and disadvantages when it comes to debt relief. The best approach to guarantee you choose the right solution for your circumstances is to speak with a licensed specialist.
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