According to a report published by EquifaxAccording to the latest report from the credit monitoring agency, household debt continues to grow in Canada. According to the same report, 46 % of those in debt have managed to reduce their personal debt.
On the other hand, household indebtedness still stood at an increase of 3.3 % and reached an overall average of 22,837 $ per person.
The reason why household indebtedness has soared is simple. Although fewer loans and mortgages have been taken out, the amounts borrowed are greater. This explains why the rate of household debt continues to climb in Canada.
Rest assured, there are many ways to get rid of your debt without having to resort to debt collection. personal bankruptcy. If your household is included in the household debt statistics, we're happy to help.
Thanks to our financial advisors options available to you to help you achieve your goals. get rid of your debts for good.
Household debt and debt consolidation
Although household debt levels continue to rise, it is possible to reduce your debt ratio. There are many financial solutions available to eliminate your debt. Don't hesitate to ask an experienced financial advisor for help in determining your options.
One of these options is the debt consolidation. The debt consolidation is to consolidate your debts so that you don't have to manage different creditors. You borrow this amount from a financial institution. Unfortunately, this method does not reduce your debts.
Consolidation can help you manage your debts and the stress that comes with them, but it's not for everyone. Consolidation is a practical solution, but only if you're in a position to repay your debts. 100 % of your debts with interest.
If this is the case, debt consolidation is an ideal solution. Otherwise, you risk being left with a debt that continues to grow. If you are unable to repay your debts and related interest in full, rest assured that there is another option for you.
The consumer proposal
Visit consumer proposal is a good way to reduce household debt. This method is so effective that it can reduce a very large percentage of your debts. By dealing with a licensed trustee, you have the opportunity to negotiate with your creditors.
Your syndic can therefore reduce or extend your payments according to your ability to pay. Another major advantage of the consumer proposal is that you only have to make one payment per month, and it's a one-time payment. without interest.
Here are some of the other benefits of the consumer proposal to reduce household debt:
- Complete cessation of interest
- Extend repayment terms to 5 years
- Protect your assets (car, home, RRSPs and inheritance)
- Avoid bankruptcy
- Set putting an end to harassment of your creditors, seizure or any other legal action
- The majority of debts are accepted for the consumer proposal. Debts such as credit cards, tax debts, miscellaneous loans, telecom bills, etc. are all accepted.
If you would like more information on how to get your household out of debt, don't hesitate to call on our financial advisors.
