debtcare.ca

Category: Debt Management

  • Rising Consumer Debt in Canada and the Need for Timely Personal Finance Management

    Rising Consumer Debt in Canada and the Need for Timely Personal Finance Management

    Consumer debt has been increasing over time in Canada.

    Even in 2020, due to a very resilient housing market and applications for new auto loans, total consumer debt went up by 3.8% to $2.041 trillion in the third quarter of the year!

    Equifax Canada shared in-depth insights, drawn from banks and other lenders, in its recent report.

    Some of the key findings included:

    • In Q3 2020, mortgage balances increased by 6.6% compared to the same time in 2019.
    • For the first time, the average new mortgage loan amount surpassed $300,000.
    • In Q3 2020, new auto loans were also up 11.7% compared to the same period in 2019.
    • Average credit card spending was almost back to the pre-COVID levels during this time period.
    • About 12% of new credit products in Q3 2020 were opened by consumers who had some form of deferral on their credit file.

    High levels of consumer debt are not sustainable in the long run because they lead to vulnerabilities not only for individuals but also for the economy as a whole.

    For instance, if you lose your job or are faced with an unexpected expenditure, it will become hard for you to manage your finances as you already have significant debts to pay off. Similarly, for the economy, as a whole, larger debts can create further problems during economic crises.

    This is why it is important to keep a track of your debt-to-income ratios.

    So, once you ascertain that you may need to work on your personal finance management, there are some strategies you can put into place.

    Four of these key strategies for reducing your debt and ultimately become debt-free are shared below:

    I.  Have a comprehensive budget in place. This enables you to monitor your monetary inflows and outflows. You are able to gauge how much total income you are receiving from different sources and how many expenses you have.

    II.  Start small. When it comes to debt reduction, a good way to continue reducing your debt is by taking small steps. This can be by opting for a more cost-effective cell phone plan, preparing home-cooked meals to avoid excessive outdoor dining, and cancelling subscriptions you don’t need.

    III.  Monitor your debts. This can help you identify high interest debts, such as credit cards, and ensure that you’re paying them off sooner or at least making the minimum required payments. If you have multiple types of debts and believe that repayment could be an issue in the future, you can look into consolidating your debts into a single payment.

    IV.  Save. It is important to save. You could either choose to invest in programs such as retirement saving plans or set aside a certain percentage of your salary for savings before you start spending and paying your bills.

    At DebtCare, we are committed to supporting you in financial planning and elimination of debt. We do this by working with you to identify where you should start, what steps you should take when you should take them, the best mix of options for you, and more.

    To date, we’ve helped thousands of Canadians fix their credit, lower their debt, and improve personal financial management. We can help you, too!

    Contact us today for a free consultation to start reducing your personal debt. Call 1-888-890-0888 or visit www.debtcare.ca.

  • Credit Advice for the New Year: How to Get Out of Debt in 2021?

    Happy New Year!

    A new year is a new start. If you’ve faced some financial challenges last year, now is a good time to take some steps to rebuild your credit score and manage your debt.

    A series of small changes are all you need to bring your credit back on track! Here are some suggested actions you can take:

    1. Get an updated credit report to get a better understanding of your current financial standing.
    2. Create a budget for your expenses and ensure that you’re keeping a close track of your expenditures. This will help you trim down unnecessary spending and identify opportunities for savings.
    3. Always make more than the minimum monthly payments on your credit cards.
    4. In case you have multiple credit cards, try to keep your cards at only 50% of their credit limits or try to pay off and cancel some of these cards.
    5. Settle collection debts and send credit reporting agencies proof of any major developments like paying off a major account or a settlement to ensure that your report is up-to-date.
    6. Lastly, try to avoid taking on additional debt.

    The key to improving your credit score is keeping a close eye on your overall debt and ensuring that you’re paying down each creditor one by one.

    However, if your debt is unmanageable and you’re not able to make these payments, you don’t have to be stressed out. There are other alternatives that you can consider. For instance:

    • If you have equity in your home, you can leverage it to deal with your debt. As interest rates are quite low at the moment, it is worth considering refinancing options.
    • You can also look into a second mortgage. These mortgages are provided on the basis of equity and not your credit and income. So, if your credit is bruised or you are self-employed, this may be a good option for you.
    • Even if there isn’t enough equity to refinance, you can always rely on government-approved debt settlement programs, such as a consumer proposal. It is a proposal made to your creditors, where your creditors agree to accept a single payment representing a percentage of your overall debt, that you repay monthly, normally over a term of 5 years.

    No matter what your financial situation is, you can count on us for credit advice and debt consolidation solutions. Contact us today for a free consultation and start your journey to becoming debt-free! Call or text 1-888-890-0888 or visit www.debtcare.ca.

  • Should I Refinance My Mortgage in Response to the Low Interest Rates?

    You may be thinking of refinancing your mortgage given that the interest rates are unprecedentedly low.

    Refinancing your mortgage can help you preserve your credit score by using the equity in your home to consolidate high interest debt.

    This is often a great option because not only can you reduce interest, you can also reduce your overall monthly payments.

    Here’s a list of pros and cons that will help determine if mortgage refinancing is the right option for you!

    Should I refinance my mortgage? How exactly should I go about refinancing? Would the changes in mortgage regulations impact me?

    These are questions that a lot of people, who are considering refinancing, are wondering about. The answer is actually not that complicated – it simply means that you have to reach outside of the CMHC lender pool.

    Recently, CMHC changed its underwriting policies for new applications for insured mortgages.

    Though, the rules haven’t changed for refinancing, reaching outside the CMHC lender pool can provide you better refinancing options.

    Basically, CMHC is a high ratio insurance that banks are required to have on high ratio mortgages. High ratio mortgages are those where mortgage financing above 75% of the value of your property is required.

    The good news is that there are many lenders who extend mortgage financing to you and don’t require CMHC insurance. In fact, they can extend the financing for 80% of your home’s value (or even higher if you have good credit).

    There are quite a few trust companies, mortgage investment companies, credit unions, finance companies, private lenders, and even insurance companies that offer mortgage refinancing options.

    The prevalence of these lenders may not be that obvious to you because many don’t deal directly with the public and exclusively lend through brokers.

    Each broker has a market of consumers that they cater to and lenders who they work with to provide specialized financial products. For example, if the goal is to purchase a home, a broker who specializes in purchase mortgages is advantageous. Similarly, a broker who specializes in debt consolidation and restructuring is the right choice for someone who wants to consolidate debt.

    The trick is choosing the right broker to help you manage your financial restructuring.

    You’d be surprised to see how many different types of mortgages and refinancing options are available on the market (for people with all types of credit and income) – many of which don’t require CMHC.

    At DebtCare, we specialize in helping people with financial problems. We have an extensive network of higher risk lenders, who can help you save your home, when banks may not be able to.

    In addition to mortgage refinancing, we can help present you all other options you have to ensure that you can effectively manage your debt. If you’re looking into refinancing options or want to speak to a debt consultant, contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca

  • Debt Management Plan – Restructure Finances as You Prepare to Change Careers

    If you’re thinking of switching careers … you’re not alone.

    A survey commissioned by Amazon, and published on the CNN website, shares that 61% of job seekers surveyed are looking for a job in a new industry because of the pandemic.

    COVID-19 has given us an introspection opportunity. It has given us time to review our career choices and examine if there is something better out there.

    While some people are questioning if they were even on the right career path, to begin with, others are looking into continuing their education.

    What has changed?

    The way we work has changed too. For instance, work from home policies were previously being implemented by only a handful of companies. Now, companies are beginning to see that work from home can indeed be implemented even in a Post-COVID-19 world.

    HR professionals are championing it because it has improved work-life balance, many employees are happy that they don’t have to commute long distances, and companies are realizing that they may not need huge office spaces after all!

    Similarly, when it comes to industries, some are doing better than others. For instance, healthcare, essential retail, and information technology firms continue to hire despite a global pandemic.

    Though, many jobs in retail, hospitality, travel, manufacturing, and tourism have disappeared.

    Why is it important to restructure your finances?

    If you’re considering a career transition or perhaps even going back to school, it is important to have a financial plan in place.

    Following your dreams and taking a leap of faith can be difficult if you have debt and financial concerns bothering you.

    This is particularly true if you’ve lost your job and already have debt to pay off. If your bills keep accumulating and you’re not able to pay them off, this can impact your credit score.

    So, when opting to start a new career, reviewing and restructuring your finances and debt can help you gain peace of mind. Your debt management plan should include:

    • A detailed budget.
    • A plan to avoid taking on more unnecessary debt, such as charging expenses to your credit card.
    • Consolidating debt payments and paying off high-interest debt.

    You can also use our online debt repayment calculator, to easily calculate how you can be out of debt within five years!

    How can we help?

    Getting your finances in order can be challenging particularly when you have to focus on a career transition.

    This is where credit advice from a financial consultant can help.

    Working with a financial consultant, like DebtCare, can help you come up with a plan to reduce debt; enabling you to have a fresh financial start to match your new career trajectory.

    Call us today for a free consultation on 1-888-890-0888 or visit www.debtcare.ca

  • Canadian Tax Consultants: Do You Have a Debt Relief Partner to Support Your Tax Clients Who are in Trouble?

    It is not uncommon to find out that your client is facing financial troubles – particularly during the time of a global pandemic.

    In fact, many independent professionals and tax specialists including personal tax accountants, tax preparers, bookkeepers, financial advisors, lawyers, and estate planners are amongst the first to learn that their client is facing financial turmoil.

    It can be a challenging situation when you are preparing a client’s books and your client reveals that they have a huge debt and no means to pay it off.

    Or, when your client is being audited and you know that the outcome will not be favourable.

    Where the CRA collections team is involved, the situation can get trickier. The CRA is relentless and when your client tries to manage their problem on their own – it can make matters worse.

    For instance, the CRA will look for financial disclosure that may lead your client to disclose where they work as well as their bank and asset details. Perhaps the CRA accepts a temporary arrangement – but the moment it is up, they can move forward with wage garnishments, freezing of bank accounts, and liens on the property.

    Today, an average Canadian owes $1.58 per dollar of disposable income.

    This debt is likely to increase when mortgage deferrals end, the government’s relief measures are withdrawn, and the CRA’s collection action resumes.

    This is the calm before a massive storm – would you agree?

    This is why it is great to have a partner in your corner who can independently represent your client and work with them to resolve their financial challenges.

    By providing your clients access to debt consolidation programs and opportunities for debt reduction, you are not only helping them navigate their financial challenges but are also strengthening your long-term relationships.

    This same level of service may not be received if you send your client to a trustee, this is because they offer insolvency as their service and your client will be counselled on that basis.

    Similarly, if you send your client to a bad credit lender who only offers high-interest products or a mortgage broker who only arranges mortgages, your client will only receive advice in those specific areas.

    At DebtCare, we provide access to many financial options and debt consolidation programs. We take on a consultatory role where the client pays for our consultation and after working with their financial profile, we guide them down the best path.

    This includes aligning all professionals that will be needed. Whether it is securing financing from a lender or working with a trustee to facilitate a consumer proposal, we can help.

    To learn more about our services for Canadian tax consultants, call or text us on 1-888-890-0888 or visit www.debtcare.ca.

     

  • Canada Emergency Response Benefit (CERB) and the CRA Tax Implications – Here’s What You Need to Know

    There is no denying that the Canada Emergency Response Benefit (CERB) helped many Canadians – over 8.5 million individuals to be specific.

    To get the money into the hands of the Canadians who needed it, the government processed applications as swiftly as possible. To do this in record time, the government relied very heavily on an honour system.

    This is why the benefit was handed out without further verifications at that time.

    CERB ends – what next?

    As of last week, CERB has officially ended. Though, individuals can still retroactively apply for CERB payments for any period before October 3 by December 3.

    As the CERB recipients are now being transferred to an updated employment insurance (EI) system, we take a look at CERB and its associated CRA tax implications.

    You will have to pay taxes on CERB as it is considered as income for this year. Here are a few things that can help you be more prepared for the next tax season.

    Did you qualify for CERB?

    As CERB was so new, many people weren’t sure if they qualified.

    Some people even received it twice as they applied through both Service Canada and the CRA for the same eligibility period.

    Here’s the eligibility criteria to help you ascertain if you were eligible:

    • You did not leave your job voluntarily.
    • You are over 15 years of age.
    • You earned a minimum of $5,000 (before taxes) in the last 12 months or in 2019.
    • You stopped working due to COVID-19, your work hours were reduced because of COVID-19, or you were unable to work as you were taking care of someone.

    In addition to being able to meet the criteria shared above, you also need to ensure that you only received one payment per eligibility period.

    Will the CRA impose penalties?

    Many people applied for CERB because they were dealing with financial problems that made it hard to make ends meet. Some of these individuals may not have been eligible.

    If you feel that you were not eligible or your eligibility changed over the period, it is prudent to seek tax advice and have financial strategies in place to deal with any action from the CRA.

    As the benefit was distributed without prior checks, the CRA will assess cases when taxes are filed.

    This is because, as CBC highlights, even a fraud rate of 1% could cost the federal government billions of dollars.

    So, if you are reassessed you will not only have to pay back the money but also penalties and interest retroactively. If you already have accumulated debt, you may be looking at potential new debt in the coming tax season.

    Tax debt and CRA collections are areas where we can help!

    We offer a free consultation to explore what options are available to you.

    As a debt and tax consultant, we can also look at your situation and give you an idea of whether you qualified for CERB, what the potential tax amount could look like, and what you can do to prevent collection action.

    Contact us, for tax advice, by calling us on 1-888-890-0888 or visiting www.debtcare.ca.

  • Does a Lower Interest Rate Really Mean That You Should Borrow More?

    As the economy is beginning to show signs of recovery and the physical distancing rules are being eased, various benefits and deferrals mandated by the government are also ending. With the buffer being removed, it is crucial for you to evaluate your financial position to ensure that you’re prepared to handle your debt payments.

    For instance, the Canada Revenue Agency’s tax filing deadline for 2019 individual income tax returns is now September 30. Individuals who are not able to make payments by this date will likely face late-filing penalties.

    Similarly, over 700,000 households who had been given the benefit of deferring mortgage payments, will soon have to resume these payments.

    Basically, all the payments that were temporarily deferred will be due at some point.

    Interest rate update

    Today, the Bank of Canada issued a press release announcing its decision to keep the interest rate at 0.25%. The interest rate is currently being kept on the lower side to enable individuals and businesses to have access to better credit deals during these unprecedented times.

    While it may seem enticing to explore borrowing options, given that the interest rate is low, you should proceed with caution.

    Even though the BOC interest rate is lower, it doesn’t mean that all lenders will offer a low rate, especially to those individuals who already have debt to pay off. Also, additional credit can help in the short-term, but it is not sustainable, and you will eventually need a plan to pay it off.

    Long term planning is the key to eliminating debt!

    What’s the recommended course of action?

    It is important to start getting your finances back on track. Some of the things you can do to keep your finances in check are:

    • Reviewing all your liabilities and paying off high-interest debt.
    • Creating a budget and tracking expenses.
    • Avoiding unnecessary debt such as credit card expenses, until absolutely necessary.

    Following these steps will help you anticipate and address any future issues such as a lien on your property. If you feel that you need additional support, reach out to credit counseling services to assist in consolidating debt payments or filing for insolvencies.

    What’s the right solution?

    There is no one size fits all approach. Especially during these times.

    The solution usually depends on the type of debt you are carrying. For instance, mortgage debt could be dealt with through a refinancing, if enough equity is available. Unsecured debts might be eligible for settlement, and outstanding utility bills could be handled through a debt consolidation loan.

    The key is to consult with a debt counsellor who can walk you through your options and make a plan that’s tailored according to your requirements.

    At DebtCare Canada, we have helped thousands of Canadians reduce and restructure their debt. If you’re struggling with mortgage, rent payments, or any other bills, please get in touch so we can help you find a way through.

    Contact us by calling or texting 1-888-890-0888 or visit www.debtcare.ca to learn more about our credit counselling services.

    You can also find out more about our financial solutions here: https://debtcare.ca/financial-products/

    The next BOC announcement is scheduled for October 28, 2020.

  • Pros and Cons of Refinancing Your Mortgage to Get Out of Debt

    Mortgage refinancing is a popular way to get out of debt, but is it the right option for you?

    During the ongoing COVID-19 pandemic, you may be looking for ways to reduce your debt load. If you own a home, you can use available equity to pay down your debts. Read on for the pros and cons.

    Pros

    • Refinancing your mortgage allows you to put debts into one payment.

    This can give you more freedom in your budget as you will have a fixed payment on a fixed schedule — so you will know exactly what you owe and when.

    This is an effective way to quickly deal with high-interest debt while managing your budget.

    • It lets you keep your house (unlike some cases of filing for insolvency).

    In some cases, filing for bankruptcy or a consumer proposal puts your assets — like your house — at risk.

    With a mortgage refinancing, your home is safe so long as you meet your payments.

    • You could save money if you get a lower interest rate.

    If you refinance for a lower mortgage rate, you could save money on your monthly mortgage payments if you bought your home at a time when interest rates were higher.

    • It doesn’t harm your credit score (at least not immediately).

    When you file for bankruptcy or a consumer proposal, your credit score takes an immediate hit and you are left with a low rating for five-to-seven years.

    With mortgage refinancing, however, that doesn’t happen. In fact, if you are using the equity to pay off high-interest debts, like credit cards, your credit score could go up!

    The caveat here is that if you default on your mortgage or miss a payment, your long-term credit score could still be affected.

    Cons

    • It could restart your amortization schedule.

    If you were five years into a 25-year mortgage term and decided to refinance, your term would reset to 25 years. This means you would be paying your mortgage for an extra five years.

    While you would be paying mostly interest for the last five years, it will be longer until you are mortgage-free.

    • You might get a higher interest rate.

    Depending on when you bought your house, your mortgage rate could actually go up.

    • You will have less equity to access later.

    By taking out equity now, it may be harder to access later (at least through a refinancing) and you’ll have to wait for it to accumulate again.

    • It may not be possible if you’re carrying too much debt.

    Like getting a mortgage to begin with, you have to qualify for a refinancing. If you’ve lost your income, your credit score is low, or you’re carrying too much debt, you may not qualify.

    (If this is the case, talk to a debt counsellor – they can help you clean up your finances so you can qualify.)

    • You may have to pay closing costs.

    Mortgage refinancing typically comes with closing costs and other fees. These numbers could affect your decision.

    • If you’re breaking your current mortgage term, it might not make financial sense.

    Breaking your current term early can come with additional costs.

    If mortgage refinancing won’t work for you, there may be another option that does, such as taking out a second mortgage, a home equity line of credit (HELOC), or another debt consolidation method.

    Whatever method you choose — refinancing or not — the important thing to keep in mind is that it will work so long as you keep your finances under control. Debt consolidation isn’t an invitation to start buying more. You need to have a plan for how to manage your money after refinancing (or your chosen debt management method) too.

    At DebtCare Canada, we can help you do both — explore options to deal with debt and create a plan to stay debt-free for good.

    We offer first mortgages, second mortgages, HELOCs, and more.

    Contact us today for a free consultation. Call or text 1-888-890-0888 or visit www.debtcare.ca.

  • Where To Get Online Debt Help — Payday Lenders Are NOT The Answer!

    During the COVID-19 pandemic, many Canadians have lost their jobs or are receiving reduced income.

    But while incomes have declined, debt payments haven’t necessarily done the same.

    Some lenders offered loan deferrals, but it’s important to note that deferrals aren’t forgiveness. What this means is that you will have to pay those debts eventually — and it may come with extra costs, such as interest for the deferral period.

    And not all lenders have even offered these deferrals. Some may expect you to keep making your payments throughout the COVID-19 pandemic, plus your other bills, like housing and utilities.

    If you’re in this boat, you might need help to get out of debt.

    The Problem with Payday Loans

    Payday loans should be avoided completely if you want to get out of debt.

    The simple truth is that payday loans rarely (if ever) actually improve your finances. This is because:

    • They’re short-term. They need to be repaid within 14 to 62 days.
    • They come with sky-high interest rates. Payday lenders often charge an annual interest rate of between 391% and 652%!

    The worst part is that payday loans trap you into a vicious cycle that creates more debt.

    Take this scenario:

    • You take out an advance on your paycheque for $750, plus fees and interest.
    • That money must be paid back within three weeks, or 21 days.
    • You receive your next paycheque, but your other bills have come due and you need the pay to pay for those obligations.
    • You’re unable to pay back the payday loan – what do you do?

    For most people, the answer is take to out another payday loan, which creates an unending cycle of paying off debt with more debt.

    During the COVID-19 pandemic, payday loans are even more unsustainable. If your income has been affected, you may not have another paycheque to find the funds, or you could be dipping into emergency help benefits, such as CERB payments.

    Where to Get Online Debt Help During the COVID-19 Pandemic

    There are other options to get out of debt besides payday loans.

    You might consider:

    • Budget management.
    • Financial restructuring or debt consolidation.
    • Settling outstanding debts.
    • Refinancing your mortgage.
    • Special programs (such as the access DebtCare Canada provides to a program that can resolve a CRA back tax problem).
    • Filing for insolvency – bankruptcy or a consumer proposal.
    • And more.

    The exact options will depend on your situation. At DebtCare Canada, our consultants look at your whole financial picture to find the best solution for you.

    During COVID-19, you’ll need to get online debt help to maintain physical distancing. DebtCare has been able to operate 100% remotely since the start of the pandemic. You can book a free consultation by:

    • Calling 1-888-890-0888
    • Texting “HELP” to 1-888-890-0888
    • Visiting debtcare.ca/

  • Bankruptcy and Consumer Proposals Rise as Consumer Debt Reaches Record Limits

    Are you struggling with consumer debt? If so, you’re not alone.

    According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making principal and interest payments on debt, which is a record high.

    BNN Bloomberg also noted that when you add together consumer credit, mortgage, and non-mortgage debt, Canadians are carrying $2.28 trillion in credit market debt.

    What’s more, beyond just carrying debt, they’re paying the price. The number of insolvencies – bankruptcies and consumer proposals – filed by consumers in 2019 increased from the year before.

    While the numbers for the final quarter of 2019 have not been released yet, as of Q3 2019, Canadian insolvency filings were up to 34,708 — up more than 4,000 over Q3 2018. Of that, the number of bankruptcies rose slightly (from 13,549 to 13,757) and the number of consumer proposal filings rose substantially, going from 16,764 to 20,951.

    Why are more Canadians going into debt?

    According to a survey from Manulife, two in five Canadians believe they will never be debt-free.

    There are many reasons Canadians might currently be struggling with debt. Housing prices are continuing to rise, especially in larger cities like Toronto and Vancouver.

    While interest rates have stayed the same for the past year, the added spikes in 2017 and 2018 still didn’t help for those carrying debt. Some have also speculated that it’s too easy for Canadians to gain access to credit – and spend more than they can afford to pay back.

    For others, job insecurity can be part of it – not enough income to make ends meet. They might be facing job loss, working in a precarious employment situation (like the gig economy) with inconsistent income, or simply not earning enough to afford high housing prices.

    Poor credit habits can hurt your finances, too. While paying only the minimum balance on your credit cards can seem like a good idea, it can actually mean more debt in the long-term.

    Sometimes the moments leading up to major debt troubles are insidious. What can start as a seemingly harmless action can snowball into a much bigger problem.

    What exactly does struggling with debt look like? It could include:

    • Being unable to pay all your bills in full and on time each month.
    • Making only the minimum payments each month.
    • Being unable to make even the minimum payments.
    • Having more debt than income.
    • Always taking out another loan to pay off your old debts, getting into an unsustainable cycle.
    • Relying on credit to pay all your bills because you don’t have enough funds in your bank account.
    • Consistently being unable to afford the items you need to achieve a daily quality of life – pay for groceries, afford your rent, and so on.
    • Living paycheque to paycheque without knowing how you would afford an emergency.
    • And more…

    This might vary depending on your exact circumstances, but any of these could be a precursor to bigger problems down the road.

    How to deal with debt before major damage is done

    The sooner you realize you have a debt issue, the more likely you are to resolve it before major damage is done to your quality of living.

    When you file for insolvency, your credit score takes a big hit. While this is sometimes the best option, and it is possible to recover over time, if you tackle your finances early you minimize the need for this type of action.

    Some steps you can take to resolve problem debt include:

    • Creating a realistic budget and looking for ways to reduce your current expenses, then putting the savings towards paying off your debt.
    • Honestly assessing where your money is currently going and eliminating wasteful spending.
    • Practicing good financial habits, like always paying your bills on time and in full.
    • Not relying on credit. While some use of credit is good for your credit score, you don’t want to be using it because you don’t have the money elsewhere.
    • If you have an income problem, looking for ways to earn more – either through asking for a raise, finding a new job, or getting a part-time job.
    • Seeking out debt consolidation methods, such as mortgage refinancing.

    While filing for insolvency is one option, it’s not the only option – especially if you tackle the problem early.

    In 2020, make your resolution to figure out your finances for good. Debt freedom is possible with a little planning. There’s no point feeling bad about the circumstances that got you into debt. Instead, realize you’re not alone and focus on finding the way out.

    That’s where we come in. At DebtCare Canada, we will assess your situation and make recommendations to deal with debt. We’ll go over your options and create a realistic plan for success.

    Contact us today for a free consultation. Call 1-888-890-0888  or visit www.debtcare.ca.