First, try to deal with your debts on your own. This might involve reducing your expenses to free up cash to use to repay your debts, or perhaps working more overtime or getting a second job to increase your income.
Second, a debt consolidation loan may help reduce your monthly payments, by borrowing at a lower interest rate to repay high interest credit card debts. Of course this option only works if your credit is good enough to get a loan.
Your third option is a debt management plan, a repayment arrangement offered by non-profit credit counselors. In Cambridge, Ontario the only not-for-profit credit counselling service is Catholic Family Counselling Centre. They are based in Kitchener, but have office hours in Cambridge, Ontario once per week. Catholic Family Counselling will take all of your credit card and unsecured bank loan debt and negotiate a repayment plan where you pay your debts in full, but with no further interest in most cases.
If you can't afford to repay your debts in full, the next option is a consumer proposal. Like a debt management plan we will negotiate a repayment plan with your creditors, but in most cases you will not repay the debts in full.
If you can't afford the payments in a consumer proposal, the final option may be bankruptcy.
Each person's situation is different. We will meet with you personally to review each of the above options, so if you have more debt than you can handle, contact us to arrange a no charge initial consultation. We will meet with you at our office at 8 George Street North in Cambridge to review your options.
posted by J. Douglas Hoyes, CA, Trustee @ 8:41 PM
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