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What about people who have good credit standing, despite living paycheque to paycheque, and always paying their bills?

Deciding to restructure can be difficult for people with good credit. Choosing to deal with your debt and stop living paycheque to paycheque means your credit rating will take a hit in the short term. However, with the proper plan, this can be minimized as it allows you to meet your long-term financial goals and reduce the constant stress from your debt. There are advantages to taking this course of action. For example, people with good credit may qualify for a consolidation loan, provided they can demonstrate their ability to repay.

Before making a decision, you must look at your budget and determine how much you can afford to repay each month without having to rely on further credit.

Warning Signs of Financial Difficulty from Legalline.ca

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