Regain Control Over Your Finances Through Credit Counseling in Canada

Today, millions of people in Canada are swamped with debt; whether it is credit card debt, personal loans, monthly expenses or mortgage payments, it can all become overwhelming. According to the recently released report from CGA-Canada, the debt-to-income ratio is at an all time high in 2011. Canadians with an income of $50,000 and under are more vulnerable to fall into a debt trap. The CGA survey identified some major concerns related to the level of indebtedness.

  • Concern 1: No improvement in household balance sheet- 40 per cent of people whose income decreased, fell deeper in debt
  • Concern 2: Household’s ability to pay deteriorates- The decreasing personal savings rate continued since 2008. A majority of respondents did not experience a positive change in their income.
  • Concern 3: No significant regional differences in Pan-Canadian perspective- 27 per cent of residents in Manitoba and Saskatchewan and 47% of Albertans reported an increase in their debt level compared to Canadian average of 35 per cent.

Being in a debt is a matter of great concern. However, if you are buried deep in debt help is available. One solution is credit counseling in Canada from a reputable credit counseling company like DebtManagers, which is government licensed to assist you in managing your debt.

DebtManagers works with you to evaluate your current budget and formulate a plan for you to become debt free. When you come to DebtMangers, a consultant will work with you to develop a plan that will reduce your debt and help you adopt better budgeting practices.

Credit counseling in Canada will help you learn how to manage your finances more efficiently. If you have outstanding bills that you cannot afford to pay, a consultant at DebtMangers can provide numerous debt management solutions like debt consolidation and budget planning.

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Debt Relief Programs: Hope and Help To Those Who Are Burdened With Unpaid Debts

Debt relief programs are helping people reduce their credit card debt, consolidate into a single and much more affordable payment and develop a path for getting out of debt. It is becoming increasingly common for individuals and families to find themselves with huge unpaid debt.

According to a recent report by CGA-Canada on household debt, consumption rather than asset accumulation is the main cause of increasing debt. 57 per cent of indebted Canadians find it difficult to manage their living expenses, eventually falling into the debt trap. Despite the temporary relief by a credit card, one-fifth of Canadians find it difficult to deal with an unforeseen expense of $5,000 and one-tenth are unable to handle an unforeseen expenditure of $500. Furthermore, increasing debt is associated with a decrease in income or wealth and not with an increase in wealth.

For such indebted Canadians, a debt consolidation program can be a welcome solution to the growing problem. Numerous people are benefiting today by means of debt relief program. DebtManagers is a credit counseling company that is helping Canadians avoid bankruptcy and successfully repay their debts easier and quicker than trying to do it on their own.

DebtManagers negotiates interest relief on your behalf and acts as a buffer between you and your creditors.

Consolidating debt is an excellent alternative to bankruptcy and is the perfect solution if you have more than one debt such as over drafts, pay day loans, lines of credit, utility bills, credit card bills etc. Consolidating debts involves combining all current debts into one lower payment. This alternative is especially beneficial if you are presently trapped with high interest rates.

DebtManagers provides a personalized debt relief and debt consolidation program that will put you back on the path to financial freedom. With DebtManagers, your debt will be paid off quickly.


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How a Debt Management Plan Can Help You

There are many reasons why people find themselves struggling to pay off debt. Often times this situation comes on unexpectedly. One minute you are doing fine and then the next minute you are drowning in debt. If you have found yourself facing an unsustainable amount of debt, contact a debt management specialist at Debt Managers to discuss one of the many ways we can help you.

Choosing a Quality Debt Management Company

The primary role of a debt management company is to help you set up a debt management plan that is customized to your financial situation. However, not every company can get the same results. That is where Debt Managers comes in. We can get you the results you need each and every time to ensure that you can get out of debt and stay out of debt.

When looking to a debt management company to help you with your financial problems, you want to make sure that the company you choose is reputable and has a positive history with their clients and within the industry. A reputable company, like Debt Managers, will provide you with professional financial advice and can help you get out from under the debt you are facing. With a debt management plan, you can successfully find your way out from underneath the debt giving yourself the financial freedom you deserve.

What Does a Debt Management Company Do?

When you work with Debt Managers, we will create a plan to work with your creditors to lower or completely eliminate the interest they are charging. Our consultants will contact your creditors and negotiate with them so you don’t have to try and take care of it by yourself.

As soon as Debt Managers has negotiated the new terms with your creditors, we will sit down and go over the plan with you and take the steps to implement and administer the agreement. We will take the monthly payment that you can afford, and pay your creditors the agreed upon monthly payment. With this plan, you can get yourself out of debt faster, and learn how to avoid falling into the same situation in the future.

Get Credit Counselling to Make Your Debt Management Plan Work

If you want to keep yourself from falling into the same financial situation, you may have to change some of the behaviors that got you into the situation in the first place.  We recognize the challenge and are prepared to help you stick with you debt management plan every step of the way.

As you are paying down your debt, you will want to start putting money into an emergency fund and keeping track of your income and your monthly expenses. These are important steps to get you a place where you will have financial security.

Debt Managers will work with you to create a customized plan to pay off your debt. We will contact your creditors and negotiate new terms to help lower the total monthly payment to all your creditors. We will show you how to manage your finances so you can avoid falling into the same behaviors that got you into your current financial situation. Debt Managers is a great choice as a bankruptcy alternative. We will work hard to get you and your financial situation back on track.


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An Alternative to Filing for Bankruptcy: Credit Counselling

There are few things worse than struggling to pay your bills.  When you are submerged with debt and cannot seem to find a way out from underneath it, life can become stressful beyond belief. In many cases, people feel like there is no hope.

When you are struggling with financial debt, you face the constant uncertainty of knowing whether you can make your payments or not and this pulls you further and further down in every possible way – financially, emotionally and even physically. You may be thinking the best solution to your problems is to file for bankruptcy. However, there are other alternatives to help you get a handle on your debt – one of which is credit counselling.

Why Choosing an Alternative to Bankruptcy Can Benefit You

When you file for bankruptcy, the effects will remain on your record for seven years and can affect your ability to get any kind of credit in the future. Before taking that step, you may want to consider some of the alternatives to bankruptcy to see if there is a better option for your situation. These options include the following:

  • Credit counselling – this will also include a debt management plan
  • Obtaining a debt consolidation loan
  • Refinancing your vehicle

Benefits of Credit Counselling

When you choose to go through credit counselling, you will be provided with the education needed to help you avoid incurring debt that you cannot afford. The credit counsellors will work with you in establishing a budget that you can live with and an effective debt management plan that will help you get you back on your feet.

While you are working on a budget, the counsellors work with your creditors to negotiate a debt management plan that will reduce the fees, interest, and payments associated with your credit cards and other unsecured debts.

With credit counselling, your current finances are taken into consideration and a plan is developed that will allow you to continue to live while paying off your debt.  These debts include:

  • Student loans
  • Payday loans
  • Lines of credit
  • Personal Loans
  • Over draft
  • Old utilities & cell phone bills
  • Credit card debit
  • Pay day loans

From there, the credit counsellor will rearrange that debt into one manageable, monthly payment.

Is Credit Counselling the Right Alternative for You?

If you are not sure whether credit counselling is the right bankruptcy alternative for you, check out a debt calculator to see how long it will take you to pay off your debts on your own. When you try and tackle your debt on your own, the majority of your monthly payment goes toward the interest on the account, leaving the balance virtually unchanged month to month. With credit counselling, interest rates on your debt can be significantly reduced, which means you can watch your debt disappear faster.

When you have become buried in debt, you may think that there are no other options other than filing for bankruptcy. If you have more than $5000 in debt, there may be other options that can help you restore your credit and help you avoid bankruptcy. Credit counselling can help you re-organize your debt, develop a manageable budget, and help you establish a debt management plan that you can live with.

The credit counsellors will help you with your financial problems and get you back to where you need to be.  As you watch your debt dwindle, you can start to feel some relief as the burden from the debt is lifted off your shoulders. In no time you can start enjoying your life again without the stress of living with debt.


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Debt consolidation versus bankruptcy: which one should you choose?

According to the latest data provided by The Government of Canada, 132,253 bankruptcy cases were filed between August 2010- August 2011. Although, the number of insolvencies was down by 9.9% when compared with the previous period, the figure is still high. People, reeling under heavy debt, often consider bankruptcy as an option to get rid of their pending bills. However, they do not realize the drawbacks that are associated with it.

Bankruptcy remains on the credit history of the person for many years from the date of declaring insolvency. It remains in the records of the court for 20 years. Bankruptcy affects the future prospects of getting credit, as a bad credit history minimizes the chances of getting loans. The financial situation of the debtor will be advertised in the newspaper. He will lose all his assets including house and car. Any business hold by the person, who declares his bankruptcy, will be closed immediately. Future job prospects may be minimized.

Another option to consider is debt consolidation. There are many benefits of debt consolidation over bankruptcy. A consolidation program requires a person to pay a single payment every month. The interest rate on the debt is substantially reduced or totally eliminated in most cases.

Debt consolidation
is a consumer friendly approach to clearing the debt. People suffering from heavy debt loads can stop the frequent phone calls from creditors and collection agencies.

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Choose the right road for getting freedom from debt

If you are finding it difficult to repay your debts, it’s time to look at the debt relief processes for achieving freedom from your financial liabilities. The two most preferred options are debt settlement and debt consolidation. Many people get confused while choosing between these options. Let’s have a closer look at both these debt relief plans.

Debt settlement is a process in which you negotiate with your creditor to reduce the principal balance. In return, you have to pay a lump sum amount to the creditor. A successful settlement can save a lot of money.

Even though the process sounds good, it has some drawbacks. Settling debts can have a significant negative effect on your credit rating. And be wary and do your research. We offer debt consolidation and not debt settlement.

Debt Consolidation is a process in which  we negotiate with your lenders/creditors for more manageable debt repayment terms. If you are not comfortable with your current plan, you can go for credit counseling. You may consider taking the help of a credit counselor. However, it will stretch your payment period.

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