Why continue to pay off your debt when there’s no end in sight? Too many people continue to make debt payments without reducing their debt; something that I refer to as “Treading Water“.
If what you own and what you earn isn’t enough to pay off your debts in a reasonable time frame, then it’s important to consider your options.
A lot of folks that I meet with have been doing their best to pay their debt without getting results. They pay, re-borrow, and pay some more but their debt doesn’t decrease. After filing a consumer proposal or assignment in bankruptcy they take comfort in knowing that the end is in sight; they will be debt free. Most regret not having broken the cycle sooner.
Some simply can’t answer the question. They aren’t sure if there is light at the end of their tunnel or not. If you’re dealing with debt and simply don’t know whether or not you need professional help then the best thing to do is ask. The professionals at Welker and Company will review your situation for free, and we never suggest a debt solution to people who can repay their debt on their own.
Regardless, it’s an important question that too few people ask themselves. The Canadian Government created consumer proposals and bankruptcy to allow people who can’t repay their debt (i.e. honest, but unfortunate debtors) to erase their debt by paying what they can afford (as dictated by the Bankruptcy and Insolvency Act). If you can’t pay your debts on your own then give us a call to schedule a free consultation. We’ll help you understand your options and reduce your financial stress. We look forward to hearing from you.