Three Types of Debt Consolidation
How does debt consolidation work? In essence, it is combining multiple debts into one payment for the benefit of simplicity, lower interest fees and lower monthly payments. People often talk…
Are You A Debt Burnout?
Throughout my career, I have seen a lot of clients go through a range of emotions relating to experiencing debt relief. Obviously, at first, clients are ‘gung ho’ to get their debt paid off – excited, anxious, motivated. They have many questions relating to the process of debt repayment and how being on a debt management program will impact their lives. Usually clients expect big changes to happen quickly and the turnaround to be immediate.
As the debt repayment program continues on (with a maximum length of 60 months, or 5 years, unless there are student loans involved), clients usually settle into a steady momentum of payments every month. They get used to the money being allocated to their debt and reconfigure their budgets accordingly. Months, then years, go by.
What happens in the interim? Sometimes, unfortunately, people experience debt fatigue during the debt repayment process. What is debt fatigue and how can you manage it?
Credit Card Debt Help
If you find yourself overwhelmed with credit card debt, having trouble making payments or even avoiding collection calls from creditors, know this: you are not alone, and there is help available for you.
We have clients who come to us so deep in credit card debt that they are on the brink of bankruptcy, barely staying afloat from payment to payment. Others aren’t so desperate, but are still looking for a way to get a handle on their debt and become debt free. Credit Solutions is the credit card debt help you are looking for, because we work with you to design a debt repayment program that works for you.
Should You Roll Your Debt Into Your Mortgage or Car Loan? (Secure your Unsecured Debts)
When people are struggling with credit card debt, lines of credit and other unsecured debt, they have a few options available to help them. One popular choice is to refinance your home (if you own it with enough equity) which means to increase your mortgage and use that extra money to pay off your credit cards and unsecured debt. That way the unsecured debt you had will now be part of your mortgage, a secured debt. The benefit to doing this is saving money on interest, thus making it more affordable to repay. Mortgages these days have very low interest rates, thanks in part to being a less risky loan for the banks because they are secured by the home. If you cannot make your payments, the bank simply repossesses your home to recover its money. In contrast, credit cards can have much higher interest rates and make repayment of the debt very difficult.
How Debt Consolidation Works (and Saves you Money)
People are often confused about what debt consolidation is, exactly. Is it a loan? Is it writing off my debt? Is it borrowing against my home? Debt consolidation through Solutions Credit Counselling is actually none of these.
Living Pay Cheque to Pay Cheque
Jun 4, 2013
33 percent of Canadians are Broke!
My eyes opened up wide when I heard on the Lang O’Leary show yesterday that 33% of all Canadians are living from pay cheque to pay cheque according to a survey conducted by the Certified General Accountants Association of Canada. I say that living from pay cheque to paycheque is a loud resounding danger signal that you are either broke or short of money – and probably have maxed out your credit lines and credit cards.
