Debt reduction: a recent survey conducted by a major Canadian bank found that to be the #1 priority for the vast majority of individuals. We often read reports in newspapers, magazines and online that the average Canadian is carrying too much debt in relation to income earned. Those are the findings. What are the solutions?
Many are embarrassed to discuss their finances or simply don’t want to face the music. Finding someone who is trustworthy and who can offer useful advice to eliminate excessive debt is priceless.
Even if minimum payments are kept up indefinitely, the reality is that most of the payments are allocated to interest. The balance owing shows up every month on the statement as a reminder that you have not dealt with the problem. The money spent on interest can certainly be better spent elsewhere. Food, housing and transportation costs continue to rise. Carrying the excessive debt will eventually have a negative impact on your credit rating as well as your mental and physical health. This is called debt stress and must be addressed by a qualified professional.
A Licensed Trustee in Insolvency and Restructuring is regulated by the government, professionally trained and can offer legislated programs to protect you if you are carrying too much debt. We will meet with you, listen to your story and discuss all potential options. We meet with thousands of individuals every year. We will find a solution that fits which may include a consumer proposal or in dire circumstances, a bankruptcy.
We have developed a very useful tool called the Debt Reduction Calculator . The debt reduction calculator is an important first step in assessing your situation and finding what options are available. One of our qualified counselors would be glad to discuss the options with you so that you fully understand the implications. Our experience in helping and protecting people with excessive debt for the past 20 years is priceless.
If you are burdened with debt stress, asking for sound advice is a sign of strength and the smart thing to do. Asking sooner rather than later is always better. Book your free, no obligation consultation today. You’ll be glad you did.