Struggling with too much debt? Over 70% of the entire population is too. Luckily there are many solutions available to you. Many people find themselves overspending when it comes time for gifts or holidays. Creating a budget is the best thing to do however many people only realize that after. Once you are in debt it can be much harder to get out of once interest starts accumulating. Plus if you were to make just minimum payments it could sometimes take you a lifetime to get out of. Once you start to fall behind you may start receiving collection calls from debt collectors, keep in mind they must follow strict guidelines on when and how they can communicate with you.
In Canada, you have four different options when it comes to debt relief. The first being a debt consolidation, which is essentially combining all your unsecured debts into one monthly payment. The second is a debt settlement program which is essentially settling with your creditors for a lesser amount than you owe. The third being a consumer proposal which is repaying a portion of your debts with the help of an insolvency trustee. Finally, the last resort option is bankruptcy which eliminates all your unsecured debts so you can start off life from scratch financially. Below is the pros and cons of all four options.
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