Credit Counselling in North York
North York, ON Credit Counselling Services
The lively, bustling and multicultural hub of North York has long been considered one of the brightest jewels in Toronto’s crown.
But over the years, the region (and the city at large) have had to contend with the growing problem of debt.
Indeed, a recent Toronto Star article revealed that the average Torontonian homeowner carried a staggering $40,000 in debt, with the debt to income ratio increasing from 88% to a record 150% over the past decade.
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That’s around twice the already eye-watering national average of $20,976.
But if your debts have begun to spiral out of your control, don’t worry.
Credit Counselling in North York can help you to better manage your finances and achieve your goal of a debt-free life faster.
Get your debts under control
There are many ways in which you may be able to reign in your debts, making them more manageable and paying far less of your hard-earned money on interest every month.
As we rely more and more on different sources of credit, our debts can quickly pile up.
And when all of your debts have different rates of interest, it can make budgeting and saving untenable.
Credit Counselling in North York can help you get your debts under control by:
If you owe less than $10,000 to 2 or 3 creditors, consolidating your debts is the easiest way to make them more manageable.
There are a number of ways in which you can do this.
A Debt Consolidation Loan may be the easiest way to make your debts more manageable and reduce the amount you pay in interest.
Most Consolidation Loans have an interest rate of around 10% which compares favourably to most credit cards and unsecured loans.
If your credit rating prohibits you from getting this kind of commercial loan, fear not.
There are other ways by which you can consolidate your debts.
A Debt Management Plan is a voluntary arrangement that we find many creditors are happy to enter into.
While it will remain on your credit report for several years after it has been repaid it can drive down your interest rates or even eliminate interest altogether.
Debt Consolidation cannot, however, be used for government debts, including money owed to the CRA.
Debt restructuring is the solution to you if you have reached the point of insolvency.
This means that your debts have exceed your ability to realistically repay.
However, while you may also benefit from a Consumer Proposal.
This post explains the differences between the two in greater detail.
Which is the best option for you will depend on how much you owe, your creditors and your assets.
A Consumer Proposal can allow you to write off up to 80% of your principal debt and eliminate interest altogether.
And unlike a Debt Management Plan, not all of your creditors have to agree to it.
If 51% or more agree to the terms, they will all be legally bound by them.
You will need the help of a Licensed Insolvency Trustee for both debt restructuring measures.
These professionals can act as Proposal Administrators if you decide to pursue a Consumer Proposal and help you to meet your obligations for an Automatic Discharge and stay out of court if you opt for Bankruptcy.
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Restructuring your debts can help you to be completely free of your debts within 5 years.
Ease the psychological effects of debt
Credit Counselling doesn’t just help you with the logistics of managing your debts.
It can also help to ease the stress and psychological strain that debt can have on your quality of living, and even your relationship with your spouse.
Credit Counselling in North York can put an end to threatening letters, persistent phone calls and draconian measures like Wage Garnishment.
Learn better financial habits
Credit has become so readily available to us in this day and age that we’ve come to regard it as the only answer to our problems.
Credit Counselling helps you to form better financial habits that eliminate the need to rely on credit.
It allows you to master the fundamentals of budgeting and how to better manage your disposable income.
It helps you to become better at saving and make your money work harder for you.
So you can get debt-free and stay debt-free!
Want to know more? Get in touch today!
Since we first opened our doors in 1999, we’ve helped hundreds of thousands of Canadians just like you to take control of their finances and live free of debt.
If you’d like to know more about what we can do for you, call us today on (877)879-4770 to arrange a risk-free, zero-obligation and 100% confidential callback.