Debt Help & Credit Counselling in Markham, Ontario
Markham, Ontario Debt Help & Credit Counselling Services
Debt can be an overwhelming experience that affects your finances, mental health, and relationships.
We appreciate that for Markham residents, finding a way out of debt can be challenging.
It’s hard to tell how the situation has developed, but the fact is that Ontario has some of the highest levels of personal debt in Canada.
That’s precisely why BankruptcyCanada.com trustees are determined to provide debt help & credit counselling in Markham, Ontario.
Evaluate your budget
A lot of people who learn how to manage their money and avoid unnecessary expenses often find that budgeting puts them in a better position to pay off their debts.
You can find some guidance on money management here.
More importantly, budgeting can provide support in ensuring you don’t spend more than you can afford, which helps to keep finances organized and recover debt over time.
Even if the exercise reveals that you can’t afford to pay off your debt, it gives you more insight to get the right debt & credit counselling in Markham.
Consolidate your debt in Markham
You have two debt consolidation options.
Credit counselling allows Markham residents to consolidate all debts into one monthly payment, with a reduced interest rate.
It is a debt relief plan that is best suited to those who want to pay off 100% of their debts but needs a little financial breathing room.
Beware, though, that not all creditors are willing to negotiate with a credit counsellor.
A debt consolidation loan is a loan that pays off all your debts at once.
You repay the loan over the agreed term, at a reduced interest rate.
However, to be eligible for a loan, you need to have a good credit rating and assets that can be used as collateral.
Pay off a portion of your debts in Markham
Unlikely debt consolidation that requires to pay off the totality of what you owe, these debt management programs significantly reduce your payments.
You can reach out to your creditors or to a professional advisor to arrange for a debt settlement plan, which lets you pay off a decreased amount of your debts.
However, agreements with creditors are not legally-binding and often made individually.
Payment is not consolidated.
The consumer proposal is a legally-binding debt help plan that is administered by a trustee.
Debtors pay off 20% to 40% of their debts over an agreed term, after which the whole debt is forgiven.
If you are worried about creditors’ actions, the proposal will stop them.
You can’t pay off your debts
For Markham residents who can’t find any relief from debt help & credit counselling, your local trustee can help with debt forgiveness.
Personal bankruptcy enables you to cancel all creditors’ actions and debts.
As a legally-binding and federally-regulated debt plan, bankruptcy can give you a fresh financial slate.
Get in touch with a licensed trustee in Markham to review which debt help is right for you.