Figuring Out How Much You Owe

Are you currently swimming in levels of insurmountable debt?

When you reach this point, it becomes difficult if not impossible to tackle it all.

You might not even be completely sure of how much you owe and who you owe it to.

This makes things difficult in terms of figuring out how long it’s going to take you to clear your debt, the level of interest that you need to consider and various other aspects.

It’s important that you have as much information on your debt as possible.

This is going to ensure that you can put a plan in place that is successful at handling the issue.

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Unfortunately, a lot of creditors won’t make it easy to find out how much money you owe.

Even if they do offer you information, you could find that it’s quite difficult to understand.

So, how should you approach this problem?

Check Your Credit Report

There are numerous resources that you can use to access your credit report.

However, be aware that your credit report may not be entirely accurate in terms of what you owe.

While a credit report should provide an accurate record of how much you have borrowed from whom and how much is left to pay back it’s not unheard of for there to be significant discrepancies.

For instance, it’s possible that a creditor will only report to one credit bureau and some don’t bother reporting issues at all.

Despite this getting, your credit report is always a smart place to begin.

Call The Creditors

You should also think about contacting your creditors directly.

They should be able to provide information on the money that you owe that is both up to date and accurate.

This also provides you with a way to open up a line of communication with your creditors.

It lets them know that you are working to pay the money that you owe back.

To track your creditors, explore your credit card history.

Look at any outstanding balances from your credit card company including the typical bills that you pay through the year.

Once you have done this, you can start making a plan of how you are going to pay for all the money you owe back.

We hope this helps you understand the best ways to make sure that you know exactly how much you owe in terms of your debt.

Remember, this is just the first step on the road to debt recovery.

There’s a lot more that must be done before you will be clear from your debt and we can help.

Get in touch on the phone today and a friendly member of our team will work to provide the answers that you need.

We have helped over 100,000 people with their debt issues and we’re confident we can support you too.

Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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