Are you interested in consolidating credit card payment solutions to make managing money and paying your debts off easier?
Get help to consider all of your consolidation options. One affordable monthly payment that eliminates or shrinks interest might be the right solution to get your debts back under control.
Across Canada non-profit credit counselling services are available at no cost so that you can find the right repayment plan or alternative to bankruptcy.
How Credit Counselling Services Can Help You with Consolidating Debt Payments
Although you might have consolidated debt in the past, credit counselling services in Canada, offered by qualified Credit Counsellors at a well recognized and accredited non profit agency, like the Credit Counselling Society, can relieve your stress and money worries.
By meeting with your Debt Counsellor for a free, confidential appointment, you’ll be able to share what’s going on in your life with someone who is trained to help you sort out your debts and get back on track. Your Counsellor will provide information and options to you after they know more about your budget, expenses, debts and goals for the future. Then it will be up to you to decide what you want to do.
Contact a non-profit for an appointment, or see below for more information.
Debt Solutions, Explained by a Credit Counsellor
There are several options for consolidating credit card payments in Canada that can be explored with the help of a non-profit credit counselling services. Most of these options are typicaly not provided by banks, credit unions and other lenders.
Debt Management Program for Consolidating Credit & Debt Payments
Canadian credit counselling services, like our non-profit Society, nomoredebts.org, offer a debt management program. Getting back in control of your money is easier with our debt management program because it is based on your budget.
Depending on the types of debts you have, how much owe, your assets, and what’s left in your budget each month, the program might be what you need to consolidate your unsecured debt payments. Our Counsellors also know that you still need some money to live and maintain a reasonable lifestyle.
Lenders are very supportive of our debt repayment program. This helps to reduce your payments and save you thousands of dollars in interest. Your creditors will accept smaller payments from you, and most will not charge you any, or at least much less, interest while you make your payments through the Credit Counselling Society.
Your Credit & Debt Counsellor will explain how a debt management program works to consolidate your payments, if they think that it’s a good solution for your debt problems.
Debt Consolidation Loans
Your Credit Counsellor will give you information about why a loan may or may not work for you, and what to do if you think you might have trouble making the payments.
Borrowing more money to pay off what you already owe on your credit cards and unsecured debts might sound like a good idea, but for some people, it just gets them further into debt. Based on your credit rating, your lender may be able to offer you a consolidation loan. Either with the help of a co-signer, or not, this would let you pay off your other debts.
However, the best way to successfully use a consolidation loan to get rid of debt is to create a budget before you get the loan. This way you’ll know if you can afford the payments, along with the savings you need to set aside to pay for other unexpected expenses with cash instead of credit.
When you ask your creditors to accept a lump sum of money, in exchange for fully repaying what you owe, that is called a debt settlement.
Sometimes it makes sense to offer your creditors a reduced, one-time payment to get rid of your debts. But, if you can afford what you owe, your creditors won’t accept your settlement offer.
If a debt settlement is a good option for you, your Debt Counsellor will tell you what you need to know about the process. That way you can consider the implications carefully before you make your decision. Any settlement requires a lump sum of money, so that means that you might have to sell some of your assets, take money out of an investment, or talk to family and friends to see how they can help.
Legal Solutions for Debt in Canada
Sometimes legal solutions for debt are needed. The Bankruptcy and Insolvency Act governs legal debt solutions in Canada.
Resolving your debts with the help of the Courts may be your best option. This will depend on what you owe, the nature of your debts, what you own and where you live. Both legal debt resolutions – Consumer Proposals and bankruptcies, are offered through licensed trustees.
Before you make an appointment to talk to a trustee, ask your Debt Counsellor for help. Your appointment will be easier if you already know your budget outline, and have a full understanding of your options and situation.
A Consumer Proposal will arrange your repayment for part of what you owe over a 2 – 5 year period. This may be a better option than filing for bankruptcy, which can have severe, long-term consequences.
Find out more about Consumer Proposals by contacting a trustee, or click here.
Get more information about how to avoid declaring bankruptcy here.
Consolidating Credit Payment Solutions Provided Across Canada
Credit Counselling Services Can Help You to Consolidate Credit
For more information about consolidating credit payments and credit counselling services can help you become debt free, contact us now by phone, anonymous online chat, or by email. We will respond to your questions and give you the information you need. We can also set up a free, confidential appointment, that doesn’t obligate you to anything, so that you can speak with one of our certified, friendly Debt Counsellors.
You’ll feel better and have less stress once you know what you can do about your debt and money problems. There is a solution to being in debt, and it starts with looking at your options. Contact a professional credit & debt counselling agency now. They’re happy to help you.