You know debt is becoming a serious problem when the provincial government starts talking about forcing lenders to raise minimum credit card payments to as much as five percent of the outstanding balance so that debtors will pay off their debts more quickly. Such a law would benefit some residents, but others would be in trouble and unable to afford their minimum payments.
Fortunately, this proposal didn’t pass, as skyrocketing consumer debt levels and stagnant incomes across the province make such a raise unfeasible at the present time. Still, there is always a chance that a similar bill may pass in the future. Thus, it would be smart to pay down your debt before legal changes make it much harder to pay off your creditors.
Quebec debt settlement can help you reduce your debt substantially, by as much as sixty percent in some cases.
Debt settlement is the best form of debt reduction when creditors and debtors all sign a repayment agreement. Creditors are bound to accept a debt settlement agreement when it is put in writing and signed by authorized representatives of the lenders to whom money is owed. Although you may be able to negotiate a settlement yourself, it is always wiser to go with a third party that is an expert in debt settlement. A professional debt settlement negotiated on your behalf will always get more of your debt eliminated than you might be able to negotiate on your own.
If you have debt that is overwhelming you, it pays to get started on a debt solution today. Receive information and help with debt relief in Quebec when you fill out the online debt relief form.