Are you doing your best to manage your debts, but not getting anywhere? Are your balances staying the same or even rising month after month? We hear this everyday. Hard working Ontarians who are doing their best, but not getting anywhere. They’re stuck on a treadmill and not making any progress due to unmanageable interest rates.
If a reduction in your interest rate would allow you to repay your debts on your own, then your first bet is to consider refinancing or consolidating your debt. If you own a home, you might consider a Home Equity Line of Credit secured against your home. If you don’t own a home, you can apply for an unsecured instalment loan from any major bank. Both products offer much lower interest rates than those of other credit facilities such as credit cards, or payday loans.
Unfortunately, many people do not own a home, and are not able to qualify for a loan from a major bank due to poor credit, or a lack of employment. When this is the case, you may be eligible to file a consumer proposal or bankruptcy. Both services stop interest immediately while also consolidating and reducing your debt.
We suggest using a debt calculator to determine if a reduced interest rate would allow you to repay your debt. Better still is to have a free consultation with a Licensed Insolvency Trustee. Consultations can be held in person, or virtually, and only take a few minutes. We can do the math for you to determine if an interest rate reduction is all you need, or if a consumer proposal or bankruptcy may be more appropriate.
Suffer no longer. Get some free information about your options, and get relief from interest and debts once and for all.