Facing any amount of debt can be daunting to the majority of consumers. When you are facing a large amount of debt, it can seem impossible to break free. Obtaining financial freedom can seem like an unattainable dream for many people facing debt, especially in today’s creditor-friendly market. Living with debt can close the doors to job opportunities, home ownership, and even access to loans. Thankfully, there are a number of options people facing debt can turn to in order to free themselves from a life of debt management. Here is some information all about debt solutions in Moncton NB.
Informal Debt Settlement
If the amount you owe your creditors is small enough, you may be able to contact them, or have a reputable credit agency contact them on your behalf, and negotiate a lower, more manageable interest rate or repayment schedule that you can manage on your own.
Consumer Proposal
A consumer proposal is an arrangement made between you and your creditors allowing you to pay the remainder of your debt through a set amount each month over an agreed upon period of time. In most cases, using a reputable credit-counseling agency can help you reduce, or remove, the amount of interest owing on this debt, helping you pay it off significantly quicker.
Debt Consolidation
In some cases, it may make sense to consolidate all your debt into one. This means that you will have one monthly payment to worry about, rather than multiple ones, and it may work out to be lower in the long run than trying to pay off each creditor individually. Keep in mind that this debt solution method will still require you to pay all the outstanding interest on your accounts.
Bankruptcy
Bankruptcy should be considered a as a last resort, and only if the above methods have failed or are not appropriate given your financial situation. Bankruptcy is a legal process, and in most cases will require the assistance of a debt management agency who can help you navigate this tricky legal situation. Visit Powell Associates Ltd,
