Debt can be suffocating. Once you fall behind on monthly payments, it can feel impossible to catch up and get out of the hole. With a debt settlement company, you can speak one on one with a trained debt consultant to help you understand just how serious your financial situation is, the different options available, and what to do to move forward. This is as much about education as it is about paying off creditors. The following are some things that a debt settlement program can offer you.
Save on Interest Rates
Taking advantage of debt settlement in Canada is a smart idea. Month after month, people may struggle to make the minimum monthly payment. This is because they are not only paying back what they initially borrowed but are also dealing with interest rates on this amount plus things like overcharge and late fees. Settling a debt will allow you to reduce your monthly payments and the opportunity to reduce your debt principal, not just your interest rates. An effective debt settlement program can typically reduce your total principal by 40 – 60% and get you out of debt in 12 – 36 months.
Save Time and Energy
It can be quite stressful to try and avoid debt collectors when you cannot afford to make your payments. Debt settlement programs can save a lot of time and energy from having to deal with your creditors. The debt will be dealt with by trained debt specialists so that you can focus on improving your financial future. Once your debt is paid or settled, you can get to work improving your credit score.
Bankruptcy is very serious and should only be considered as a last resort. It can literally destroy a person’s credit for many, many years and is a matter of public record. You will also have to give up all non-exempt assets. Also keep in mind, a consumer proposal is a form of bankruptcy and many providers do not disclose this. This is why Canadian debt settlement is one of the best options available to you. A debt specialist will allow you to find a repayment amount that works for both you and your creditors. This is an opportunity to quickly reduce and eliminate your debt so you can work on rebuilding your credit ASAP.
Avoid the Red Tape of Creditors
Unlike some other debt relief options, a debt settlement professional is on your side, not your creditors. This means that a licensed and trained debt negotiator will work out an ideal debt settlement solution for your specific needs. An individual can try and communicate with companies directly, but it saves you a lot of frustration and likely even a lot of money to have a professional work for you. In fact, many debt negotiators are former debt collectors and maintain close relationships with the majority of the creditors in Canada and so they know when to negotiate and how to maximize the savings for you. This makes it easier to negotiate the best settlement for you while maintaining the respect and understanding of creditors.
Not sure which option is best to you? Fill out the online debt relief form to learn more about debt solutions and find out if it is the right option for you!