Debt Help & Credit Counselling in Cambridge, Ontario
Cambridge, Ontario Debt Help & Credit Counselling Services
Debts can be highly stressful.
They can affect your everyday decisions, your relationship, your mental health.
They can keep you awake at night.
However, what a lot of people forget is that having debts doesn’t have to be a fatality.
We believe that there is nothing that debt help & credit counselling in Cambridge, Ontario, can’t solve.
BankruptcyCanada.com trustees explain how to tackle your debts and regain financial freedom.
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Your budget holds the key to debt freedom
Can you get out of debt through strategic budgeting only?
The answer is yes.
Some of our clients can recover from debts just by understanding how to manage their incomes.
Indeed, debt happens when you spend more than you can afford to pay.
In other words, when you don’t manage your income efficiently.
Ensuring you can keep track of what is coming in and what is going out from your budget can make a great deal of difference.
You could identify unnecessary expenses that can be removed.
You could also figure out how to reorganise debt repayments, such as focusing your attention on paying off credit card debts with high interest rates, to save money in the long term.
Finally, gaining a better understanding of your budget can also help answer a vital debt management question: How much can you afford to pay off?
Consolidate your debt to pay it off in full
If your budget assessment reveals that you could pay off the money you owe, you have a variety of options.
You could reach out to your creditors to discuss longer payment terms to allow you to fall back on your feet and reduce the debt.
This strategy is called debt settlement.
It doesn’t always consolidate your debt, but you can consolidate your arguments to convince creditors to be patient with you.
If you feel you need a little financial breathing room, such as reducing your interest rates, you can get in touch with a credit counselling company.
Credit counsellors can negotiate debt consolidation plans with your creditors to help them recover the money you owe.
Most creditors agree to waive interests, which can be sufficient to manage repayment.
We also recommend Cambridge residents who are eligible for a debt consolidation loan to apply to their local bank.
The loan can enable you to pay off all your creditors at once.
Consolidation loans have lower interests than your creditors use, which makes loan repayment more suitable for people who can afford to pay off in the first place.
Cambridge debt relief plans if you can’t afford to pay in full
You can use a debt settlement plan to negotiate a debt reduction with your creditors.
Not all creditors are open to negotiations, but many are willing to consider your arguments rather than letting you pursue a trustee-administered plan.
Licensed insolvency trustees in Cambridge, ON, can administer two specific types of debt management programs.
If you need a debt reduction to pay off the money you owe, the consumer proposal can obtain a debt reduction of up to 80% depending on creditors.
The proposal is a legally-binding process that immediately stops all creditors’ actions.
The second legally-binding plan that helps with debt relief is filing for personal bankruptcy.
Only 10% of our clients in Cambridge are eligible for personal bankruptcy, but those who are can become debt-free in as little as 9 months.
Put an end to creditors’ actions now: Book a free first consultation with a trustee for debt help & credit counselling in Cambridge, ON.