It isn’t easy to achieve credit card debt relief especially if your credit card has been your financial lifeline for years. Yet, credit card debt is among the most expensive of all debts and one of the hardest to pay off. For Canadians, there are several credit card debt relief options to consider:
Debt management entails a consolidated payment with a lower interest rate. This can be very effective for achieving credit card debt relief effectively, especially if you decide to work through a credit counselling service who is experienced in negotiating with creditors and offering manageable repayment schedules. The main advantage of a debt management plan is that it doesn’t involve a new loan, but adequate management of your budget. The debt management plan offers a realistic assessment and planning of your budget in order to ultimately be able to pay your creditors without getting into more debt and impairing your life. The point of such a program is to make your credit card debt repayment affordable and reasonable allowing you to stick to your repayment schedule.
Settling your debts involves repaying only a portion of your debt. It is a viable way to get credit card debt relief when you don’t have access to the entire amount of money that you owe, but you do have a lump sum of money that you can use to pay back part of your unsecured loan. In exchange, the creditor will eliminate the rest of your debt. There are different credit card debt settlement options available and only one that is right for you. You need to consult with your credit counsellor to determine which debt settlement option is best for you. When choosing an accredited credit counselling agency, you should do extensive research to avoid fraudulent companies or outrageous fees.
Credit card debt relief is a priority for many people in debt today. Credit card debt is currently overwhelming many families and individuals and usually means entering a never-ending debt cycle.
There are several options available that you can implement with the support and expert advice from a credit counselling agency.
Contact Credit Counselling Services of Atlantic Canada to find out more about how we can help you achieve credit card debt relief. Getting started is easy – just complete our online contact request form and we’ll get in touch with you to get the ball rolling.