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Today it is not uncommon for people find themselves in financial distress. Between mortgage payments, credit card payments, car loans and student loans, most Canadians have numerous expenses and are at risk for accumulating debt.
D. & A. MacLeod offers useful debt help, credit counselling, and other financial services to individuals in Kingston, Ottawa and surrounding areas in Eastern Ontario. We will help you to budget and adjust your lifestyles to gain control over your finances and attain long-term financial goals, such as home ownership and retirement.
It may seem obvious when you look objectively, but signs of financial problems are not always clear to people heading down this difficult road. One of the major indicators is spending more – whether it is on legitimate expenses or more frivolous purchases – than you earn through your salary and other sources of income.
Many individuals with looming debt often rely heavily on their credit cards, as well as borrowing money. If you are only able to make minimum payments on your monthly bills, it will be harder to ignore the interest rates that will eventually cost you even more money in the long run. Naturally, if creditors begin to call you or utility companies cut off your electricity, it is also time to address the realities of your financial situation.
When you seek debt help from the experienced professionals on our team at D. & A. MacLeod, we will help you get on the right path to improve your finances. Consumer proposals and bankruptcies work through the Bankruptcy & Insolvency Act to help you manage various unsecured debts, such as car loans and unpaid credit cards. Based on your circumstances, we will help you to understand which solution works best for you.
If you decide to seek debt help, there are different options to discuss with a Licensed Insolvency Trustee. One method is a debt consolidation loan, in which the bank pays off your creditors causing you to owe only one lump sum payment each month to the bank until your loan is paid off. In order to be eligible for this option, you must have a solid credit rating and enough income to prove you will pay them back. This debt help option usually offers a lower interest rate and more time to make payments without overwhelming stress. Although it does not completely eliminate your debt, a consolidation loan often makes it easier for people experiencing financial hardship.
Credit counselling involves working with a professional advisor to develop a 3-5 year repayment plan based on all the debts you have acquired. If your creditors agree to the terms, you only need to pay the credit counsellor on a monthly basis, who will pay the creditors on your behalf.
Alternatively, you can choose a debt settlement, where you will negotiate an amount of the debt to pay off to your creditors. A consumer proposal is similar in the sense that you must agree to pay back a percentage of your debt to creditors. You would have five years or less to do so before you can be discharged.
Although you should only resort to bankruptcy if it is entirely necessary and you have exhausted all other debt help options, this decision will not ruin your life. Contrary to the perception, bankruptcy can be beneficial to the individuals who file because it provides debt relief and can provide a new beginning.
D. & A. MacLeod has provided assistance to many clients across Eastern Ontario, and we can help you decide what options are right for you. We have multiple locations to serve you and we provide debt help in Ottawa, Kingston, Smith Falls, Kanata, Pembroke, and Cornwall, and Brockville.
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