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David Smith: Hello, my name is David Smith and I am a professional trustee for Bankruptcy
in Canada.
Debt Consolidation. Bad debt can sometimes happen to good people. Most of us have experienced
financial hardships at some point in our lives. And there are times you need to rely on credit
cards to make ends meet.
All too often these credit cards and lines of credit can become a crutch. Suddenly, circumstances
change and you find yourself underneath a pile of debt you can’t climb out of.
Debt consolidation may be the way out. There are two ways of consolidating your debts:…The
first is a Debt Consolidation loan
A debt consolidation loan uses the equity in your home or anything else you own of value
to secure a loan to pay off your other debts. Instead of making multiple payments you have
one consolidated loan payment. This is an alternative to bankruptcy if you have significant
equity.
Debt Consolidation.If not, your second alternative is a debt repayment plan. You will need to
secure the services of a credit counseling service. This service can set up a debt management
plan where you make one monthly payment to them and they will apportion out payment to
your creditors.
Both alternatives will allow you to combine all your monthly bill payments into a single
payment. As a cautionary measure you should always check the reputation of the service
you are considering.
You may also contact a bankruptcy trustee for free and confidential advice. For more
information, please visit PersonalBankruptcycanada.ca.