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Free Debt Consolidation
No contact details required to find out if you qualify
Two recent surveys shed light on how financially concerned Canadian households are.
In Alberta, non-mortgage debt is at extraordinarily high levels due to consumer dependence on credit cards, which is expanding, according to credit reporting agency Equifax Canada.
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Over $25,000 was the average personal consumer debt in the province and that is the country’s highest level for the first three months of 2023.
Equifax’s Rebecca Oakes stated that “The challenge is that when you do start to see the financial stress come through — particularly early financial stress — you tend to see it on credit cards.”
Because of the staggered payments, many people in desperate situations would utilize cards, but Oakes said she’s concerned about high-interest rates for customers and possible default.
“So that is why we’re a little bit concerned about what this trend might mean,” she said.
“And obviously, if you combine that with inflation and the interest rates and some of the day-to-day living costs, we could be heading for a little bit of a perfect storm if we’re not careful.”
Other news coils potentially portend troubled days to come.
Many homeowners are finding it difficult to make ends meet as the Bank of Canada continues to boost interest rates to contain inflation, based on a study conducted by Leger for RatesDotCa and BNN Bloomberg.
It implies that 39% of Canadian homeowners are “worried” about their financial status.
As a result, relatively little money is being saved; 16% of the same group report that they are unable to set away even $100 extra each month.
Mount Royal University financial expert Jim Fischer said that “How did we get to that point? Well, it’s been encouraged.”
“For a long period now, we’ve been living in a historically low-interest rate environment.”
Fischer, however, believes that even those who are scuffling may help themselves if they keep a close eye on their expenditures and keep track of their actions. But we all know that not everyone has the resources to save money.
Knowing where that money is spent, even if it doesn’t provide results right away, may be very important if circumstances change.
By collecting all of your loan and credit card data, we’ve made it simple for you to figure out your proportion. Utilize your debt-to-income ratio and our debt calculator to determine whether you face a debt crisis.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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