Choose the right option to conquer your debt and get back to financial freedom
Debt affects us in many ways. Beyond the damage done to our credit and finances, debt impacts us emotionally, mentally, and even physically. Debt can feel like quicksand; despite struggling to get free, we continue to sink. It’s critical to act quickly and find a debt solution that will work for you.
There are a number of debt solutions out there, but the average Canadian might not have the financial expertise to wade through the options and choose the one that best fits.
This section will help you determine the best option for your individual situation. Here, you can get a simple, honest look at all of the debt solutions available to Canadians. If you are still having difficulty choosing the correct path, our trained credit counsellors are waiting to answer your questions at 1-888-294-3130. If you prefer contacting us online, try our Free Debt Analysis and a counsellor will reach out to you shortly.
Managing Debt on Your Own
Ideally, you want to have practices in place to help keep your finances under control. Careful budgeting will allow you to meet all your monthly expenses, while still being able to service your debts without sacrificing other necessary spending.
These resources will help you keep debt under control:
- Coping with Financial Stress
- Free Budget Analysis
- How to Manage Debt on Your Own
- Negotiating Effectively with Your Creditors
- Calculating Your Personal Debt-to-Income Ratio
- Canadian Spending Statistics: How Do You Compare?
- Have Questions? Ask the Expert!
Financial and Debt Calculators
Click here for a range of free calculators that can help you better understand your financial situation.
Credit Counselling: Professional Help for Debt Problems
If you are unable to solve debt on your own, you should consider contacting a trained credit counsellor. Credit counsellors are experts at analyzing your unique financial situation and offering sound advice on your best options.
- What is Credit Counselling and How can it Help You?
- Credit Counselling FAQ
- How Trained Credit Counsellors Can Help You
- What to Expect from Your First Credit Counselling Session
Enrolling in a Debt Management Program
Depending on your unique financial situation, your credit counsellor may recommend a Debt Management Program (DMP), which is designed to help you pay back all of your debts in a way that is manageable.
- Basics of Debt Management
- How a Debt Management Program Works
- The Benefits of a Debt Management Program
- How a DMP Affects Your Credit Score
- Debt Management Program FAQ
- How Much Could You Save with a DMP?
- What’s the Difference Between Debt Management, Debt Settlement, Bankruptcy, and Debt Consolidation Loans?
- Debt Management Success Stories
Consolidating Your Debt to Avoid Stress
If you start to struggle with credit card debt payments and other unsecured debts, you should consider consolidating your loans. You can roll all of your debt obligations into one payment at a lower interest rate.
- Take Control with Debt Consolidation
- Do-It-Yourself Consolidation
- Pro’s and Con’s of Debt Consolidation
- How to Find a Reputable Debt Consolidation Company
- Payday Loans and Debt Consolidation
- Debt Consolidation Calculator
Understanding Your Credit Rights
There are a series of rights and laws around debts and payment collection, but sometimes creditors and lenders fail to follow the law by the letter. Knowing your rights will protect your best interests when dealing with creditors and collections agencies.
Explore Other Debt Solutions
When none of your options are working and you cannot repay your debt, there are still other paths to becoming debt free. Your credit may be damaged, but it may be worth it for a fresh start.
Here are some alternative debt relief options: