Payday Loan Debt in Thunder Bay, ON
Rather than putting up with the mental and financial stress bestowed upon you by your payday loan creditors, we can offer you a way out with our debt relief services.
Say goodbye to the problems you are facing because of your debts, and say hello to a life free of worry and concern after eliminating the stress caused by your payday loans.
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The Problems Caused By Payday Loans
Payday loans can be an attractive proposition for some.
With a payday loan, you can:
- Have money made available to you before your next payday;
- Have the option of a loan that can be granted to you if you have a poor credit score;
- Cover your household expenses with the loan.
Now, if you could pay back the loan on your next payday, you would be able to start the month afresh, with the option of spending whatever income you receive wisely.
However, the majority of those people who apply for a payday loan are those on low incomes, so in some cases, they might not have the ability to pay their household bills on the income they receive.
They might also have other debts.
In such instances, payday loans are not effective, as the loan received can cause further financial difficulty.
If you were to take out a payday loan to cover your household bills, you would continue to struggle because of the high-interest rates that are often associated with these loans.
Chances are, you would struggle to pay your bills because you would have to budget for the loan repayments too.
If you used the payment loan to make other debt repayments, you would be adding another debt to your list of burdens.
And if you found yourself in a position where you were unable to repay the loan, you might be tempted to take out another loan to cover it, be that from the same lender or another, and that would worsen your financial position.
You would then be placed under mental stress, as your creditors would bombard you with payment demands and threats of a court action.
Of course, if you already have debts caused by payday loans, then none of this will be any surprise to you.
Our advice then: Don’t apply for a payday loan, as you risk financial jeopardy if you do.
There is further information here to sway you away from the option.
Breaking The Payday Loan Cycle
If you haven’t taken out a payday loan yet, then great.
There are other options available to you if you are not currently in debt.
- Work with a financial advisor to manage your finances;
- Find ways to reduce your household expenses;
- Look for ways to boost your income to improve your financial position.
If you are currently in debt, be that because of a payday loan or some other such line of credit, then think twice before landing yourself in further debt with any other type of loan.
To achieve financial freedom, you need to take action, as the sooner you take steps to remove the debts from your life, the sooner you will have the chance of a debt-free existence.
- Contact credit counselling services. With the advice of an experienced professional, you will be able to free yourself from any unmanageable debt. You will be given advice on how to manage your money better, and you will also be given guidance on the types of debt relief that could be open to you. Your counsellor might advice debt consolidation, for example, or they might advise a consumer proposal or even bankruptcy if these proved to be solutions that could benefit your life.
- Get in touch with one of our local licensed insolvency trustees. Here at Bankruptcy Canada, we have been helping Canadians gain financial freedom for over 20 years. When you get in touch with us, we will discuss the options available to you and will make the necessary arrangements with your creditors. Such options include bankruptcy and consumer proposals, two common ways to relieve people of their debt problems.
- Seek financial assistance from friends and family. While you might have to swallow your pride, actively asking somebody you trust for financial help is better than seeking help from a payday loan company that, let’s face it, could be acting against your best interests.
What Is The Best Way Forward For You?
If you’re looking for payday loan help in Thunder Bay, you have a number of options open to you.
The first is to bury your head in the sand and ignore your creditors, but let’s face facts, that isn’t going to help you any.
When you start to miss payment deadlines, you will face further financial peril, as you might incur greater amounts of interest and the threat of court fees if legal action is brought against you.
To move forward in your life, you should consider the options that we briefly touched upon above.
- Seek financial help from the people closest to you;
- Talk to a debt counsellor for budgeting and loan repayment advice;
- Speak to us for information about what is involved with a consumer proposal;
- Seek advice on debt consolidation;
- Talk to us for advice on what is involved when filing for bankruptcy.
Speak to a Trustee Today
Any of these options are better than doing nothing about your debts, or making matters worse for yourself by applying for another payday loan that could drive you deeper into debt.
So, if you are looking for Thunder Bay payday loan help, or if you have debts of any other kind, don’t delay getting help.
Consider the various financial services that can offer you debt counselling, and speak to one of our licensed insolvency trustees for advice on the debt relief options that could be made available to you.
The sooner you ask for help, the sooner your journey will begin towards financial freedom.
Call us at (877) 879 4770 or complete our contact form to arrange a free consultation with one of our trustees.
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?
How to File for Bankruptcy
What is Bankruptcy?
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?