What are the debt help options available to reduce your debt in Medicine Hat?
If you have a lot of unsecured debt and would like to reduce your debt but aren’t quite sure what options you have, then keep reading. Today I would like to go over some of the more popular ways of gaining control of your debt and give you some options for debt help in Medicine Hat.
Find ways to make more money
This first option seems too easy, but if you can really apply yourself then it may be the only option you need. Find a way to increase your income. With more cash flow, there is more money available to pay down your debt. Ask for a few extra shifts at work, start a snow shoveling business on the side, get a paper route. There are many things that you can do to earn a little extra. Also if you have items that are worth some money why not sell them and apply the money you made toward your debts? Every little bit can help.
Debt Consolidation
Debt consolidation is taking out a larger loan from a financial institution and using that money to pay off your smaller debts leaving you with one payment. You won’t necessarily pay off your debt quicker, but grouping your payments into one payment each month is a simple way to make sure that each of your debts is being paid. If your current debts are on high interest credit cards or payday loans, then you will most likely be able to save some money by switching to a lower interest consolidation loan. If you have good credit and enough income, then a consolidation loan may be the best option for you. It is important to remember that if you do take out a consolidation loan you will need to learn to stop over spending and make a budget that you can stick to. If you continue down the same path as before, you will most likely end up back where you started.
Debt Restructuring/Consumer Proposals
Restructuring your debt using a consumer proposal can be very beneficial when you have a lot of unsecured debt and you don’t have the means to repay what you owe. A consumer proposal is basically making an offer to pay less than you currently owe to your unsecured creditors via a trustee. If you have exhausted all of your options and do not want to claim bankruptcy, then filing a consumer proposal may be the best option for you. When filing a consumer proposal it is important to have someone you trust to look out for your best interests representing you the process.
4 Pillars Consulting Group has been helping our clients reduce their debt since 2002. Over 97% of our clients successfully complete the plans that we lay out for them and become debt free. If you are struggling with your debt and need a way out, phone us at 4 Pillars Medicine Hat at 403-332-7361 to speak to a consultant who will ask the right questions to find out where you are at financially and then give you the best options for you to get out of debt.
