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Not sure of the debt limit and concerned that you may be in trouble? The same issue worries a lot of Canadians. Debt issues don’t usually arise quickly, financial difficulties can come on suddenly and without a warning. A sudden increase in your debt may be caused by a job loss or automotive trouble.
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When it comes to debt relief, there is no easy-to-use tool that can warn you like a speedometer gauge of a car. Being in debt is common. There is debt among more than 70% of Canadians. Here are the top five warning indicators you may have a debt issue and that is essential before they become unmanageable.
Taking out too much credit is a clear indication that you are in far too much debt. It is more complicated than just counting the number of credit cards you have or the amount of debt you have, If you rely too heavily on credit, you won’t be able to cover your regular bills out of your monthly income.
What to do: Be honest with yourself about your spending patterns. Think carefully and honestly about your spending habits so you can modify your credit by lowering or using it excessively. Don’t overly depend on credit; instead, use it wisely.
Many Canadians sadly fall into the trap of paying only the minimum due on their credit card. You may even still have an excellent credit rating if you continue to make payments on time to your creditors every month. It is important to remember behind this appearance of stability, a widening gulf of risk exists since it will take longer to pay off your credit card bill if you only make the minimum payment each month.
Additionally, the longer you stick to making the bare minimum payments, the more likely your credit rating will suffer. A lender will be less inclined to approve a new credit or loan application if it appears that you won’t be able to pay off your existing debts.
What to do: Consider paying more than the minimum on your credit card if you are paying the minimum due to help you avoid paying a lot of interest and protect your credit. You can reduce your usage percentage and avoid paying any interest by paying off your card completely. If you can’t keep up with the minimum due, ask a credit card provider whether there are any relief options available.
A financial emergency can arise at any time, so having money saved is essential. How much debt you have can be worse than you think if you can’t save anything at all. Conserving money is one of your most important expenses. Without it, it is almost impossible to get out of debt if you don’t stick to a budget.
What to do: When you’re unprepared for an emergency, it is more important than ever to cut your spending to the absolute minimum. You can also ask for assistance and to find out if you qualify for financial help programs, get in touch with your creditors, lenders, and other financial organizations.
Cash advances on credit cards and rapid online loans can easily become out of control. The riskiest type of cash advance loan is a payday loan. They frequently have a relatively short-term and very high-interest rate. This could lead to a debt trap where your debts keep growing as you borrow more.
What to do: Consult a debt expert for guidance if you are unsure of how to organize your monthly spending to pay off your debts without accruing more. Your bank may be able to provide you with a line of credit with substantially lower interest rates. Your creditors could provide you a grace period by extending a due date if you are having problems making payments.
Debt is only a symptom, so it is important to go deeper and identify the underlying factors. Before you comprehend the cause of your debt problem, you won’t be able to consider any alternative options. We understand that starting the debt management process may seem like a difficult task. Nevertheless, by making that decision, you will position yourself, your family, and your finances for a better future.
What to do: If you are struggling to pay off your debts, consider making sacrifices. You may be able to do so for a while to free up more money for debt repayment. Or you could apply for debt consolidation, or contact your creditors and request an extension.
Despite the discomfort of debt, there are ways to manage it. If any one of these five warning indicators applies to you, think about which of the five solutions would be useful. You don’t have to be buried with debt issues. National Debt Relief makes it possible to eliminate 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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