Debt Consolidation in Victoria, BC: Dealing with Debt in Fell Swoops

Certain times often call for difficult pills to swallow – especially when it concerns the state of your finances. When the arrears pile up, you will need an effective way to settle off all accounts. Renee Sylvestre-Williams of Canadian Living says that one way to get things done is to pursue debt consolidation, which is supposedly a way to complete your debts without accruing much interest.

No Debt Sign

Issues over debt in any form can be troubling for Canadians, whether it’s about applying for a credit card or even, say, taking out a loan to buy overseas plane tickets. Did you know that, according to the Royal Bank of Canada, the country’s household debts at the start of the year amounted to $1.82 trillion, most of them from new home mortgages? Such an amount is already staggering for the average Canadian, so if you have been targeted by creditors for not paying dues, you can figure out a solution with the help of professionals at debt consolidation in Victoria, BC like Blair Greenwood.

List Them Down

Spending can be a challenge, especially when shopping sprees are about and they feature discounts at every turn. To even stand a chance of shutting down your spending ahead of a consolidated debt, you must tally all your recent expenses that were done on credit, as well as any standing loans you have. Collecting your financial statements will also be important.

While you amass the data on your expenses, Sylvestre-Williams also suggests acquiring a copy of your credit score. This will enable you to get a bigger picture of your financial situation, and may even help you uncover discrepancies.

Amassing Arrears

Once the expenses and the debt information have been carefully put together, you can enlist solid debt consolidation services like those offered by 4 Pillars consultant Blair Greenwood to help in expediting the process. When you have several creditors seeking payment, your chosen specialist can aid in drafting, for one, a consumer proposal, which is a special blueprint to outline your payment plan with a guarantee to honor such a commitment.

The benefits of a consumer proposal may be worth looking into. For instance: if the creditors agree to the soundness of the plan, they will only contact you via an intermediary. You have up to five years to pay, without garnishments or penalties accrued.

Solving your debt problems in a more organized yet succinct manner may be vital to better financial freedom.

(Source: 4 steps to successfully consolidate your debt, Canadian Living)