Hello My Name is Debt Free
You will probably have heard these words in radio advertisements or seen them on billboards around Ontario.
Debt relief will come from being debt free. How do you accomplish this?
Debt Relief means different things to different people.
The types of options available to get out of debt you will be dependent on your specific circumstances. You may think that a debt consolidation loan is right for you but only a complete analysis of your financial picture will determine whether this is even feasible.
You owe it to yourself to get independent advice from a professional before you commit to any debt solution. Some solutions, like a Consumer Proposal, are only available through government licensed professionals while other solutions can be offered by companies that require no formal certification.
Working with a trusted advisor is an important step in developing your personalized debt solution.
OPTIONS FOR GETTING OUT OF DEBT:
1. Debt Consolidation Loans
2. Debt settlement
3. Credit Counselling
4. Consumer Proposal
6. Do Nothing
Click on any of the options listed above for a more detailed examination of each.
This last option of doing nothing may make sense if you have no assets and no income from employment. If this is the case there is nothing for your creditors to go after to help pay down your debts so you could decide to wait it out.This may be inconvenient to you if the creditors continue to harass you.
However, doing nothing does not legally eliminate your debts and also leaves open the possibility that your creditors will pursue you if and when your employment or financial circumstances change. It also precludes you from trying to obtain credit in the future. In short, your financial life will be on hold indefinitely.
PREPARE A HOUSEHOLD BUDGET
Before you consider any options the first thing to do is to get a clear and accurate picture of your household budget. How much income is coming into your household after tax each month and what are you spending. Once you have that information you can see whether there is anything left over or not to deal with your debt load. The amount you have left and the level of your debts (and the interest rate on your debts) will determine which solutions are available and which is best for you. By using a Debt Calculator you will also be able to see very quickly how long it will take you to pay off your existing debts.
For a free independent review of your situation by one of our government licensed insolvency professionals contact us today so we can set up a free, no obligation consultation, to assess your situation and recommend a course of action for getting out of debt.