For many Canadians, debt consolidation is the right solution to eliminate huge debt. It allows an individual to combine all debts into a single monthly payment.
To make ends meet, many Canadians have taken advantage of CERB and payment deferrals. It was a tough year (2020) for the majority of Canadian households due to the impact the COVID-19 pandemic has brought on everyone.
Getting out of debt with a bad credit may seem like impossible thing to do, but really doable. Help is available without having to resort to getting a bigger loan with even higher interest rates to cover all other existing smaller loans.
Tax season is just around the corner; what to do if you are planning to take on a debt consolidation program. Below are the things you need to know if you are planning to file a debt relief program to get rid of debt but are worried about your Tax Refund.
We understand that you will be asking a number of questions before you decide to apply for a government-approved debt consolidation program. First on the list would most probably be “whether you can apply for credit or not” during the period of the program. Others also might want to know “will I still be able to use my credit card” under a debt consolidation program or “will my credit be affected?”.
Learning and accepting you have a debt problem is the first step towards solving your debt problems. Below are warning signs that you should check out to know if you are experiencing problems with your debts and what options are there to solve them.
It’s taxation time, Canadians are starting to seek advice, guidance, and solutions on how to manage different types of consumer debts including money owed from the federal and provincial government. CERB debt repayment can be one on your list and the earlier you seek a solution, the better prepared you can be.
Garnishment or wage garnishment is a process of legally withholding a portion of your money from your paycheque and sent to a third party.
In Canada, one of the options available to provide debt relief is debt consolidation.
Debt consolidation simplifies the process of paying off multiple sources of debt by consolidating them into one monthly payment. There are several debt consolidation programs available in Canada that can help people pay their debts.
Back in March, the credit rating agency Equifax Canada found that non-mortgage debt (credit cards, loans, lines of credit) amounted to $23,800 at the end of 2019.