You’ve tried to handle your bills on your own. The bottom line? Your income just isn’t sufficient to cover your debt each month.
Well, are you aware that there is debt relief available to you right now? You just have to take action.
Ontario Debt Relief: What Should You Do?
So, what can you do? Let’s take a look at four debt relief options.
Number One: Stretch out your payments over a longer period of time.
You’d have a little breathing room if only your payments were smaller, right? Say you have a windfall, a tax return or a bonus check, and you apply it to your largest bill. Your minimum payment goes down when your balance declines.
Great, right? No, not really.
You’ll never be debt-free if you‘re still paying for that new stove ten years after you bought it.
Plus, with interest, you’ll end up paying perhaps double the original price.
You will have lower payments, but it’s no way to manage your money long-term.
You can do this, but here’s a better idea:
Number Two: Consolidate your existing debt into a single, lower interest payment.
You can consolidate your bills. Take all of your existing credit cards and turn them into a single payment.
To do this, you’ll need a credit card with a lower interest rate AND sufficient available balance.
Not enough credit? Here’s what you do:
- Request a line increase on your existing card. Or…
- Apply for a new card, preferably one with a no-interest promotional rate. Or…
- Take out a personal loan with better rates.
Of course, you’ll need a relatively decent credit and a solid work history to do any of these.
Failing that, you could simply ask your existing creditors for lower interest rates. It could work.
Remember, though, that once you successfully consolidate your debt, you should make more than the minimum payment.
Otherwise, you’re just stretching out your debt. And we already know that’s not a good idea.
How about a third option?
Number Three: Reduce or eliminate the amount you owe.
What if you’re in a situation where better money management, simple budgeting or bill consolidation will not solve your problem? How about reducing what you owe?
You can always pick up the phone and call your creditors. You may be able to negotiate a portion of your bill away. It doesn’t hurt to ask.
But, there is a better way to find debt relief: get professional help.
Number Four: Contact a Licensed Insolvency Trustee for help.
Yes, a Licensed Insolvency Trustee can help you file bankruptcy. But it’s not your only choice.
Every situation is different. That’s why you’ll want to make an informed decision.
At Adamson & Associates, there is no one-size-fits-all solution. You’ll work with a Licensed Insolvency Trustee to make the right choices for you.
Why struggle with debt when you could have a second chance at a brand new beginning?
Call 519.310.JOHN today to learn more about your debt relief options in Ontario.