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It’s common to feel overwhelmed about how much you owe, but the truth is that you have debt relief options. Here’s how to get started.
While each person is different and every situation is unique, there are a few ways to tell if you have too much debt:
- You are unable to pay your monthly expenses without using a credit card or line of credit
- You regularly use overdraft protection on your bank account
- You’re receiving calls from creditors
If you answered “yes” to any of the situations in Step One, it’s time to start looking at your options to eliminate debt.
You’ve probably heard of the most common ones:
- Consolidation loans: a popular debt relief option for people who want to combine all their loans into one. It’s a simpler way to manage payments, however these loans often come with higher interest rates. If you want to eliminate debt for good, adding this loan is not your best option.
- Budget management: this is a great option for people who have manageable debt and who are looking to change the way they spend money. Organizing your finances into simple, easy to follow steps will help you save going forward, but if you have a lot of debt currently, you will likely need a debt relief option that will take things further.
- Bankruptcy: this is a sure-fire way to eliminate debt that has been building up over time. It’s the most aggressive of debt relief options and is usually saved as a last resort. Yes, your debt is gone, but some of your assets may be taken too to pay back your loans.
- Credit counselling: similar to budgeting, this debt relief option helps with advice for your money and debts and offers financial education. Like budget management, this is more of a maintenance option than a complete debt elimination.
But there is another debt relief service you may not have heard of: the Consumer Proposal. It’s a negotiation of the debt you owe, handled by Farber Debt Solutions on your behalf.
Up to 80% of your debt will be reduced and forgiven, and the remaining debt will be paid monthly, based on what you can afford, with no interest or fees. Do we have your attention yet?
STEP THREE: Book your free consultation to find out which debt relief option is best for you.
Don’t be defined by debt. Get the Truth
You don’t have to be embarrassed about your debt. Just by getting to this page, you’ve taken a huge step towards controlling your finances. At Farber, we’re here to make sure the next steps toward reducing debt are straightforward, judgement free, and will save you money.
Fill out the form above and book your completely free, no-commitment consultation today to learn more!
Do I qualify for a Consumer Proposal?
If you are currently having difficulty paying your bills, are behind on your payments, or are paying just the minimums on your credit cards leaving you with bad credit, a Consumer Proposal may be a better solution than a debt consolidation loan.
To qualify, you must be a Canadian resident with unsecured debt (like credit cards, payday loans, and student loans) between $6,000 and $250,000. You also need to be able to repay a portion of the debt you owe. This is done on a monthly basis, with 0% interest and is based on what you can actually afford to pay.
Yes, Consumer Proposals do have a negative effect on your credit rating, but the effects aren’t permanent. If you are already in the position where filing a Consumer Proposal makes the most sense for your situation then you likely already have a poor credit rating and a lower than average credit score.
At Farber, we’ll help you rebuild your credit rating for the long term and without debt weighing you down, you’re able to finally start saving for your future!