Canadian consumer debt is at its all-time high. There is an increasingly serious problem of people relying too heavily on their credit cards to purchase things that they really cannot afford. Some people forget that having a credit limit does not mean that they have that much money to spend. The rule of thumb is that if you do not have the money to pay off your credit card bills at the end of the month, do not use it for your purchases. If you feel like your credit card debt is getting out of control and you want to gain back control, then site offers debt management company choices that can help you go back on track.
Choosing the right consolidation services can sometimes be a daunting task. There are many American companies operating in Canada offering something called debt settlement or debt negotiation that is fooling Canadian consumers into believing something that is just not true. The Financial Consumer Agency of Canada has issued a consumer alert stating, “Unfortunately, people do not always see the benefits that debt reduction companies lead them to expect—and some people wind up even deeper in debt than they were before,” says FCAC Commissioner Ursula Menke.
If you feel you need help finding a true Canadian debt management or consolidation company then visit one of the sites we have picked below.
If you have more than $5,000 in debt owed to your creditors, then DebtQuotes.ca may be the right option for you. This particular site specializes in coming up with a custom solution to your financial woes based on a number of factors such as the amount you owe, your creditors’ reputation, and your financial background. DebtQuotes is known for providing great customer service, so you can always count on speaking to somebody who truly cares about your financial situation and will do everything in their power to assist you. You can get started by calling their toll free number listed on their website.
For those who are understandably skeptical about spending their hard earned money on a debt management service when they are already experiencing financial hardship, the good news is that DebtQuotes.ca offers free quotes and deals with some of the top established management firms in the country. You will never have to worry about incurring additional penalties or fees, which is something that American debt relief companies simply cannot offer with their services.
For Canadians who have gotten into a situation where they owe thousands in debt, Debt Consolidators is a great credit card consolidation company to consider. One of the biggest benefits of going with this business is the simple fact that they offer absolutely free consultations with their trained financial experts at no obligation. Therefore, you can see what they can do for you, and get the advice that you need without having to pay any money or commit to anything.
Another advantage to choosing DebtConsolidatorsCanada.ca over other consolidation companies out there is the mere fact that they have experts who specialize in a variety of financial situations. For example, if you find yourself deep in debt as a result of money you owe to any Canadian creditor, you can be sure to be paired with a financial expert who has specific experience with your unique situation. From there, he or she will take the time to get to know your specific financial situation, what your debts are, and how much you owe in order to come up with a viable solution for getting your debt reduced and paid off in a reasonable time frame.
Even though this is a relatively new Canadian company, they have proven themselves to be quite successful since their launch. DebtConsolidationOnline.ca specializes in handling cases where debts accrued total $5,000 or more, though they are willing to work with anyone facing a difficult financial situation. They offer a number of consolidation programs that can be tailored to fit a person’s specific financial situation, and their professionals are honest about the programs that are best for any given situation.
When it comes to saving money, nothing will stand in your way more prominently than credit card debt. In order to prepare for the future, you must clean up your past. To get over your debt, you have to create a plan to ensure that you do it step by step. Credit Consolidation Canada is a matching service that will pair you with the best debt management service to help you over come any debt problems you may be facing.
Debt counselling is a great resource for people who want to find the right avenues to deal with the amount of debt that they owe. Counselors will examine a person’s credit history, monthly income and expenses so that a plan can be created to deal with the problem at hand. It is crucial for individuals to listen to the advice so that the necessary changes can be made so that financial freedom can be achieved in the future. Visit Credit-Card-Consolidation.ca to learn more.
If paying off multiple credit cards is turning out to be a struggle for you, you can lower your monthly payment and reduce your interest rates by opting for credit card consolidation. However, if you want to pay a lower monthly payment, you may have to pay more interest and repay the debt over a longer repayment term. Depending on the terms of the consolidation and your individual circumstances, consolidating your credit card debt can prove to be beneficial.
What Is Credit Card Consolidation?
Essentially, consolidating your credit card debt means that all your debt will be combined into a single payment or your creditors will be paid through a single lump-sum monthly payment. In this case, hiring a debt management or management company is always a much better option than borrowing a consolidation loan. While a consolidation loan can be obtained to pay off all outstanding credit cards, but you will only end up getting burdened by more debt.
How Can Consolidation Companies Help To Manage Your Credit Card Debt?
If you want to get your payment reduce so that you may pay less, then there are numerous companies that claim to offer assistance with consolidating or managing credit card debt. Typically, these consolidation companies do not acquire a new loan to pay off your credit card debt because their ultimate goal is to help you become absolutely debt-free. Instead, they will try to negotiate with the credit card companies so that your interest rates are reduced and your monthly payments are lowered. This way, just a single payment has to be made to the consolidation company every month and a portion of this payment will be distributed to each of your creditors. Usually, a very small portion of the payment is kept by the company to cover their own fees. Legitimate and professional credit card consolidation companies charge a very low fee for the services they provide and do a lot on your behalf.
Why You Should Take Advantage Of The Right Consolidation Company For Credit Card Debt?
In the situation where you have a huge amount of credit card debt to pay off, the most important decision you can make is choose a consolidation company. However, before you sign your name, there a couple of things you will have to consider.
By choosing the right debt consolidation company, you will be offered a risk-free way of consolidating your credit card debt payments. Never forget to ask about how your payments will be consolidated into a debt management plan once you receive your credit counselling session. Upon qualifying, not only will you owe your credit card companies a single reduced monthly payment but you will also be able to take advantage of the incentives that might be offered. Above all, your home or any other assets will not be at risk.
Rebuilding A Responsible Credit History
Once you get started with a debt manage plan with the right consolidation company, the company will most likely close your credit lines and you will not be using credit while on the plan. This will be noted on your credit and your credit score will potentially drop in the short term. You may also not be able to apply for credit since you would be denied. However, once the debt management plan is completed, you will become eligible for credit once again. The debt management plan notation will not harm your future credit score; rather it will leave a positive mark on it.
In the long term, your regular on-time credit payments will be reflected in your credit score, along with the fact that you are paying down your credit lines and bringing your preexisting late accounts to current. These positive credit history marks will make a significantly positive impact on your credit score in the long term.
Top Benefits Of Credit Card Consolidation Services
Once you make the decision to partner with the right debt consolidating company, you will be able to take advantage of the support offered by professional debt counsellors and personal finance educators. Credit consolidation companies believe that a strong financial education is the cornerstone of financial security. They will teach you personal finance and money management tips that will prove to be beneficial for you and your family for a lifetime.
You will get the following instant benefits if you sign up for the right credit card consolidation service for your credit card debt:
– Make a single convenient monthly payment to pay off all your credit card debt
– Reduced interest rates and/or fees from your creditors
– Well-planned household budget to assist you in paying off debts and saving more.
Author: Rachel Muldy