Saskatchewan residents have been making real progress in paying down their debt. Tired of being burdened with high-interest rates and draconian repayment terms, they are throwing more money at their debt than ever before.
If you are making a good income and do not have a lot of consumer debt, you may find it easy to pay more toward your principal and get out of debt within a short time period. If you have a lower income or a relatively higher debt load, you need to know what your creditors can do if you miss your payments and also how you can make it easier to pay off your debt.
Insolvency, Bankruptcy and Consumer Proposal statistics breakdown for Saskatchewan
(Per 1,000 Population Aged 18 Years and Older)
|Regina – Moose Mountain|
|Swift Current – Moose Jaw|
|Saskatoon – Biggar|
|Yorkton – Melville|
|Prince Albert and Northern|
Table source – Office of the Superintendent of Bankruptcy Canada
Canadian law allows creditors to add late payment charges to the balances you owe when you miss a payment. These charges will begin to accrue interest if you do not pay more than the minimum required payment after the late fees are incurred. Late charges are legal only if they are stipulated in the original agreements with your creditors. Furthermore, if a debt contract has an “acceleration clause,” your creditor may legally demand that you pay the entire debt in full the first time you miss a payment.
Whether you have late charges incurring interest or your creditors are demanding that you repay your debt immediately, a Saskatchewan debt settlement program can help you get out of debt faster. Debt settlement allows you to pay off your debts for less than what you actually owe, and creditors are often happy to come to a settlement agreement with you if you have not paid your bills in some time. Saskatchewan debt settlement eliminates much of what you owe and enables you to get back on the debt repayment track without sacrificing more of your disposable income.
You should hire the services of a professional to get the best debt relief in Saskatchewan. To get started, fill out the Canada debt relief form for expert help.