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I’m Having Trouble with Debt

Difficulty Paying Debt?

Having Debt ProblemsPaying debt can be tough, especially when you have a large amount. If you’re worried about being able to handle your debt, you know that this stress can take over your entire life. It can become nearly impossible to live your day-to-day life when you’re worried about paying your bills. This situation gets even more stressful if you have creditors and collection agencies calling. These calls can range from annoying and intrusive to harassing and, sometimes, even worse.
So what can you do if you’re having trouble paying debt?

Many people who have high amounts of debt feel like there is no solution. However, generally, this isn’t the case. For the majority of people, there are a number of options available that can help reduce or even eliminate debt.

The solution to eliminating or paying debt will depend on your particular financial situation. Different people have different situations and, therefore, some strategies will be more appropriate for some people than for others.


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Here are a few options that could help you:

Consolidating Debt

Consolidating your debt is a process that involves combining some or all of your debts together. This can save you money if you can reduce the overall interest that you have to pay. For example, if you have a credit card with a 20% interest rate and a card with a 10% interest rate, you can save money on interest by consolidating your debts onto the lower interest card.
A debt consolidation loan is a separate loan that is taken out for the purpose of paying down existing debt. Again, the goal here is to get a new loan with a lower interest rate than the overall interest rate of your existing debt.
Note that, depending on your financial situation, you may not be able to get a loan with a lower interest rate. Also, it’s important to note that this method may reduce the interest that you are expected to pay, but not the overall amount owing.

Negotiate Debt

Contacting your creditors individually and attempting to negotiate with them could help you. Individual creditors may be willing to reduce interest owed or extend the period that you have to repay your debts.
Note that creditors who do not agree to negotiation are still able to send collection agencies after you or take legal action to collect on their debts.

Consumer Proposal

A consumer proposal is a legal process through which you make an offer to your unsecured creditors to repay them on terms you can afford. In most cases, a consumer proposal sees you pay a portion of the debt you owe in monthly payments for a set period of time.

A consumer proposal is sent to all of your unsecured creditors. If the majority of them accept your proposal, then all are bound by its terms. This prevents having to negotiate with individual creditors. In addition, you receive protection from all of your unsecured creditors once your proposal is accepted. They cannot contact you directly, send collection agencies after you or take any civil legal action against you to collect on their debts.


Bankruptcy is a way for those who are struggling with debt to get a fresh start. If you are unable to repay your debts as they become due, bankruptcy may be an option for you. In general, bankruptcy is typically the last option investigated after all other options have been exhausted. However, it can be helpful for those who are having difficulty managing their financial lives.
Both bankruptcy and consumer proposal must be filed by a licensed trustee in bankruptcy.
As you can see, there are a number of different options out there for those who are having trouble paying debt. A trustee in bankruptcy can help you determine which option is the right one for you. A trustee is not only there to help you file for bankruptcy, despite how the name may sound. Instead, a trustee can review your situation and provide you with details on the available options. It is then your decision as to how you wish to proceed.

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