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Even in Kitchener 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 best way to avoid a Kitchener bankruptcy.
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 a Kitchener bankruptcy if you
have significant equity. 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 portion
out payment to your creditors. Both alternatives will allow you to combine all of 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 Kitchener bankruptcy
trustee for free and confidential advice. For more information please visit personalbankruptcycanada.ca