Debt Consolidation in Prince George, BC
It’s okay to ask for help when you’re stuck in debt.
Whether you have mismanaged your finances or found yourself in financial trouble because of situations out of your control, you can finally start to enjoy life again after escaping the debt problems that you are beholden to.
So, if you are struggling to make your monthly debt repayments, and if you’re looking for Prince George debt consolidation advice, get in touch with our licensed experts at Bankruptcy Canada.
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We have worked with Canadian customers for over 20 years, and are experts in debt consolidation and a range of other debt relief methods.
What Is Debt Consolidation?
If you are in debt to a number of different creditors, you can transfer your set of smaller loans into one single, larger loan, with an interest rate that makes paying the loan back easier.
Many people choose debt consolidation because it makes their debt easier to manage.
Rather than having to deal with the demands of a range of creditors, you will only have one to deal with, so you will have fewer creditor letters and phone calls demanding money from you.
With a lower interest rate, you will be financially free sooner than later after consolidating your debts, so not only will you have more money in your pocket, but you will have less stress grinding you down too.
Why Choose Debt Consolidation?
When looking to manage your debts, you have a range of options ahead of you.
At Bankruptcy Canada, we will assess your debt with you and help you decide what might be right for you.
In some situations, debt consolidation could be the right answer.
- If your debts are spiralling out of control, and if you are struggling to stay on top of all that you need to do to manage them, then consolidating them into one easier-to-manage monthly payment could be the best thing for you to do.
- Smaller, short term loans often come with large amounts of interest attached, and this means it will take you longer to clear your debts. With debt consolidation, you can reduce the interest you pay by transferring your debts to one easier-to-pay loan.
- If you are struggling to pay for your other household expenses, or if you have unexpected costs to consider, then debt consolidation will allow you to budget your money more effectively to manage your weekly and monthly spending.
- If you are being hounded by a number of creditors, each one demanding money from you, then you are understandably going to experience stress and panic. By consolidating your debts into one payment, you will only have one creditor to deal with. And because you should have a better chance of meeting your repayments each month, you shouldn’t have those nuisance demands for money that can affect your mental health.
Debt Consolidation Options
When considering debt consolidation options, you should always choose a method that will help rather than hinder your efforts to become debt-free.
So, rather than choosing to transfer your debts to a credit card, where you might have the temptation to make minimum payments each month, and rather than choosing a loan that might have more interest than you can afford to pay, consult with one of our experts to explore better options.
These are the debt consolidation options you should be considering when deciding the best way forwards.
- Debt consolidation loans: These are specialist, long-term loans, that have reasonable terms and low-interest rates. While there are all kinds of loans available to you, debt consolidation loans are designed to help you manage your finances and reduce your debt burden.
- Home Equity: Remortgaging your home to pay for your debts can be a simple way to consolidate the money you have borrowed. While this is an effective way to manage your debts, you do need to look for favourable interests when considering mortgage providers.
There are other ways to manage your debts, whether you have decided to consolidate what you owe or not.
- Debt Settlement: A legally-binding agreement between you and the creditor to pay off a lump sum towards your debt. You will usually pay less than you owe this way, but your whole debt will still be eliminated.
- Consumer Proposal: Another legally-binding agreement where you propose a repayment plan to your creditor. If accepted, you will escape the harassments and court case threats that may have been associated with your debt, and you will pay back as much as you can owe over a fixed period of time. A consumer proposal is a popular option for many as they can significantly reduce their monthly payments.
- Debt Management Program: This is another agreement made between you and your creditor. A repayment plan will be put to them, and if agreed upon, a debt relief specialist will manage your finances to ensure you can pay off the debt owed.
Choosing The Right Debt Consolidation Option For You
We understand how challenging it can be to make the right decision, and that is why our team of experts are here to help you.
We have been working with Canadians for over 20 years, so if you are looking for debt consolidation in Prince George, we will look at the various options with you.
The process begins with a free consultation, where we will assess your situation and work out the best way forward with you.
You are under no obligation to accept our help after the consultation, but many people do when they realize the way we can support them on their journey towards financial freedom.
The sooner you get in touch, the sooner you will see an end to your debt problem, so contact us today to begin your journey to a life of financial freedom.