Recent statistics indicate that households with one child or more are more likely to see their debt rise than households with no children. Canadian residents are also increasingly likely to carry debt over into their retirement years. These trends affect Yukon’s residents, which means that many people in the territory will face significant debt problems in the coming years.
You can avoid becoming one of these statistics if you take the proper steps to address your consumer debt today. Given the high-interest rates you are likely paying to your creditors, you may find it hard to believe that you will ever pay off your debts. Fortunately, there are programs that can help you pay down and even retire your debt. Yukon debt consolidation loans and debt settlement are two options that are viable for most debtors in the territory.
The debt consolidation process is popular with those who have a relatively small amount of consumer debt (less than $10,000). As long as you have good credit, you can get a debt consolidation loan that will enable you to pay off all your existing consumer debts at an interest rate lower than the average rate you were paying before. This will save you money over time, and you may be able to devote more money to your debt principal to retire your debt even faster.
If you can’t make your current minimum payments, debt consolidation likely won’t help. In that case, you’ll need to use a different strategy, such as debt settlement. To find out which solution is best for you, fill out this online debt relief form and get personalized help for your specific situation.