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According to an Angus Reid online survey, 25 percent of Canadians said that they are in bad financial shape due to the COVID-19 pandemic. On top of that, 25 percent of households say that they have lost work.
While the government of Canada is offering financial assistance to many of those affected by the pandemic and who have lost income, including a mortgage payment deferral, the number of Canadians who are struggling financially will probably increase before this is all over.
And, even when the pandemic ends, many more Canadians in and around Ontario are going to find themselves struggling to get out of debt.
Taking out a loan or using a credit card doesn’t automatically lead to debt. As long as you budget carefully and make sure you meet your monthly payments, you can avoid debt. The problem is when your financial circumstances make it difficult to meet your loan payments.
If you had loans before the pandemic, there’s a good chance that during the pandemic you might need to let those payments slide a bit – either because you can’t afford them or because you needed to allocate your money elsewhere first.
If you didn’t have loans before the pandemic, circumstances might lead to you having to take out a loan to get through and there’s a good chance that before the pandemic is over you will find yourself struggling to make your loan payments.
Both these two scenarios of getting into debt in Ontario post COVID-19 are very probable. While letting your loan payment’s slide is a bad idea that will not only lead you into debt but will also have a negative effect on your credit score.
Thus, you’re probably going to find yourself wishing and looking for some debt relief before and after the pandemic is over.
How do loans lead to debt?
Say that you had a car loan before the COVID-19 pandemic and you set aside 10% of your income to pay for that car loan.
Then, you needed to make some roof repairs so you took out a home improvement loan, so you need to set aside another 10% of your income for the loan payments.
So that’s 20% off your income in order to cover both loan payments.
If your income got smaller during the pandemic, because you lost your job, then you are going to have even less money to budget. You may have to defer in your loan payments and eventually fall into debt if the money you have can only cover for food and utilities.
The longer you go not being able to pay your debts the worse it will get, almost all loans have interest rates, and this will add up to your monthly dues. This means that, your monthly dues increases every month – and if you miss your payments – more charges will be added which will make it even harder for you to pay off your loan.
The best way to get out of debt under these circumstances is to go to a debt settlement company or a credit counseling agency. The professionals in these organizations can help you negotiate with your creditors and come up with a plan so that you can pay back your debt.
In Canada, the most common type of debt relief is debt consolidation. What happens in debt consolidation is, you basically take out a loan to pay back multiple loans.
While this sounds counter intuitive, how can owing money to yet another creditor help get out of debt? But it actually works.
The way it works is it simplifies the debt payment process and – as debt consolidation loans have a lower interest rate than other types of loans – lessens the overall amount that you have to pay.
Instead of paying multiple loans, you just need to make payments for one loan, the debt consolidation loan. This makes it quicker and easier to get out of debt.
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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