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Getting Help with your Credit Card Debt

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    Credit card debt is very difficult to get under control. Credit cards often have very high interest rates. This means that every month that you carry a balance, you put yourself deeper and deeper into debt , if you are making minimal payments and it can take a very long time to pay this debt down. Many people in Toronto and across Canada struggle with credit card debt. When you have high levels of debt, you’re not able to save any money since all available funds are spent on your monthly living expenses and paying down debt. This can result in serious trouble if an unexpected expense comes up. If you’re spending all of your available money every month, a sudden car repair or home renovation bill can leave you with no choice but to take out another loan or charge even more to your credit card. Eventually, this will catch up to you and you’ll wind up with credit card debt and other debt that you aren’t able to pay down as the bills become due.

    Finding Credit Card Debt Relief

    If you’re in a situation where you have a large amount of credit card debt and are unable to pay it down, there is help available. When it comes to choosing an option and finding a solution to your credit card debt issues, there are a number of factors to consider. Each financial situation is unique. This means that a solution that works great for one person may not be the right decision for another. When it comes to finding credit card debt relief in Toronto, there are a few options available, including:  

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    Credit Counselling

    One option is to speak with a credit counselling agency. They will work with you and help you create a monthly budget that will see you to repay the full amount that you owe over time. In some cases, your creditors may agree to reduce or eliminate future interest on your balance if you are working with a credit counsellor. However, it’s important to remember that, if you have a very large amount of credit card debt and/or other debt, you may not be able to create a budget that allows you to pay down your debt while still paying your other living expenses. Also, you may have to pay a fee to work with a credit counselling agency and these fees will vary depending on the agency.

    Debt Settlement

    You could try to contact each of your major creditors individually and make arrangements with them to reduce the interest owing on your account or offer to pay a portion of the amount owing. In this situation, your creditors may be willing to work with you and you may be able to negotiate payments that you can afford. However, there is a chance that some creditors will be unwilling to negotiate with you. You will then need to pay these creditors the full amount that you owe.

    Debt Consolidation

    A debt consolidation loan is where you take out a new loan and use this loan to pay off your current debt. The goal of this process is to find a new loan that has a lower interest rate than the overall interest rate on your existing debt, saving you money in interest charges. However, the overall debt is not reduced when this strategy is used. Also, if you have a lot of debt or if you’ve missed payments in the past, you may find it difficult to get a new loan with a favourable interest rate.

    Consumer Proposal

    A consumer proposal is a legal process where you make a formal offer to all your unsecured creditors to pay them less than the current amount owing. Once you’ve made the agreed upon payments and fulfilled the duties associated with the proposal, all remaining outstanding unsecured debt is forgiven. If the majority of your creditors vote to accept your consumer proposal, then all are bound by its terms.

    Once your proposal is accepted, your creditors cannot contact you to collect their debts, send collection agencies after you or take any legal action or wage garnishment steps against you.

    A consumer proposal must be filed by a licensed insolvency trustee. Speaking to a trustee can help you determine if this option is the right one for you.

    If you have high levels of credit card debt there are services in Toronto and beyond that can help you. Speaking with a Licensed Insolvency Trustee can help you understand the options available to you so that you can make an informed decision regarding your financial future.