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  • Why an Ontario Trustee in Bankruptcy May Not be the Best Choice

    Traditionally when people think of an Ontario trustee in bankruptcy they think of bankruptcy. The fact is that the Ontario trustee in bankruptcy has changed in recent years. In the past, if you had severe financial problems, you may have thought that bankruptcy was the only way out and so you would seek out an Ontario trustee in bankruptcy.

    So what has changed? In recent years, the bankruptcy laws have changed making it more difficult to file for bankruptcy and making consumer proposals a much more attractive option for people who struggle with debt. Also, Ontario trustees in bankruptcy have begun advertising much more aggressively. If you don’t know what an Ontario trustee in bankruptcy is then you may misunderstand this advertising and think that when you are calling you are going to have some other financial options. However, generally speaking, the only two programs that bankruptcy trustees offer are bankruptcies and consumer proposals.

    So what’s the big deal if you end up at an Ontario bankruptcy trustee’s office? Maybe a consumer proposal or bankruptcy was what you had in mind anyway. Going to an Ontario bankruptcy trustee may in fact be a big deal because if you buy into the debt solutions offered, a trustee does not in fact represent you and you alone through the process.

    An Ontario bankruptcy trustee has a responsibility to represent both you and your creditors. This means that if you want to file a bankruptcy or consumer proposal it is the trustee’s job to ensure that your creditors get a fair deal and that they are able to get as much money out of you as possible. Here is a really great example:

    1. Suzy goes to an Ontario trustee in bankruptcy and decides that bankruptcy is the only option for her. The Ontario trustee in bankruptcy asks Suzy to complete a long document where she has to provide detailed financial information.
    2. Suzy owns a home that she bought 5 years ago for $300,000 and assumes that it is worth about the same amount of money, so she indicates on the form that the home’s value is $300,000.
    3. The Ontario bankruptcy trustee allows her to file for bankruptcy based on the financial disclosure that Suzy has made.
    4. Based on this approval, Suzy is told what her monthly payment will be over a prescribed time period.
    5. The Ontario trustee in bankruptcy has a team inside his or her firm which reviews the bankrupt’s assets, and without provocation from creditors, the Ontario trustee in bankruptcy later deems that Suzy’s house is worth $400,000, not $300,000.
    6. The Ontario trustee in bankruptcy writes to Suzy and advises her that she owes thousands of dollars in surplus income that will have to be paid to her creditors or else the Ontario trustee in bankruptcy will oppose her discharge.

    Can you imagine how you would feel if this happened to you? Filing for bankruptcy or filing a consumer proposal unrepresented is much like being accused of a crime and defending yourself without representation. If you were being charged with a crime it would not be wise to go to court without a lawyer. Where an Ontario trustee in bankruptcy is concerned, it may not be a good choice to go to them directly without seeking independent financial advice. Instead, visit a financial consultant 1) to ensure that you have explored all of your financial options; 2) to ensure that you make complete disclosure and to determine your personal exposure so that nothing comes up later; and 3) to ensure that the best possible deal is negotiated with the Ontario trustee in bankruptcy.

    If you have a financial problem and need help, please contact DebtCare Canada at 888-890-0888 or visit www.debtcare.ca.

  • Get Out of Debt Canada

    Even though the economy seems to be rebounding, the average Canadian household debt load continues to grow. People across the country are still relying heavily on credit for a great number of their normal purchases, and many are finding it harder and harder to pull themselves out of this dangerous cycle.

    The stats on Canadian debt are unprecedented. A recent report from the CBC stated that the average unsecured consumer debt load jumped 4.6 percent in the third quarter of 2012 – the average amount being $26,768. The debt to income ratio has jumped from 140 to 165 percent. For Canadians, the trend seems to be one of continued reliance on credit to the extent that many are opting to up limits and increase borrowing.

    This trend is becoming more and more problematic for those Canadians unable to meet minimum monthly payments. If monthly financial responsibilities exceed income, the results can be disastrous. This is why it has become increasingly important to get out of debt and take back control of your finances.

    An important thing to remember when you are thinking about how to get out of debt is that you don’t have to do it by yourself. The influx of companies offering debt reduction services is evidence of this. Many Canadians are turning to these companies to get out of debt. It is important though, even with new regulations being put in place, to make sure that the company you choose is one that has your best interests in mind.

    A good financial consultant is a great option for a number of reasons. An experienced, well-reputed financial consulting company can offer you solutions to get out of debt the right way. By offering you budgeting advice alongside various methods to get out of debt, a debt reduction company can give you the help that you need to get rid of your debt.

    Many Canadians worry that bankruptcy is the only option when drowning in debt – it isn’t. Instead, debt consolidation is a great solution for many Canadians, as is entering into a consumer proposal. Consolidating your various monthly payments into one, easily managed payment not only makes it easier to pay, but this can also reduce the interest. A consumer proposal, if accepted, can reduce your debt substantially, making it far easier to get out of debt much more quickly.

    Don’t keep ignoring your financial problems to the point that they take over your life. Instead, talk to a good financial consultant who can present the options available to help you get out of debt – before it is too late.

    It is time to get out of debt Canada. For more information about how to deal with your debt, please contact DebtCare Canada today by calling 888-890-0888 or visit www.debtcare.ca.

  • What is the CRA Late Filing Penalty?

    In Canada, if you file your income taxes late you will be subject to a CRA late filing penalty. This CRA late filing penalty can vary depending on how many times you have filed your income taxes late in the past. In addition to a CRA late filing penalty, you will have to pay interest on both the tax debt and the CRA late filing penalty.

    Here is an outline of current CRA late filing penalties:

    1.       The CRA late filing penalty for not filing your income taxes on time in 2012 is 5% of the balance owing. In addition, the CRA will also charge a further late filing penalty of 1% per month that you haven’t filed, up to a maximum of 12 months.

    2.       Now, if you were charged a CRA late filing penalty in 2009, 2010, or 2011 because you filed late on any of those tax years, your CRA late filing penalty for filing late in 2012 may be increased to 10% of the balance owning. You may also be subject to an additional late filing of 2% for each month you haven’t filed, up to a maximum of 12 months.

    3.       The interest that will be added to the tax debt and penalties will compound daily.

    Individuals who find themselves behind filing taxes for many years can wind up in serious financial trouble. Once many years of tax returns are assessed at one time, the tax debt is determined, the penalties are applied and the interest is applied on the sum, your tax debt can grow to a size that can become impossible to pay.

    Once this occurs, the CRA will demand their money. First you will receive a letter, then perhaps a call, and once your cheque hasn’t arrived your file will be turned over to CRA collections and that’s when the real trouble begins.

    The CRA collections department has the authority to do many things in an attempt to force you to pay.

    • They can garnish up to 50% of your wages
    • They can garnish up to 100% of the income of subcontractors and small businesses
    • They can notify your clients of your tax problem
    • They can freeze your bank account
    • They can place a lien on your home, vehicle and business assets (such as equipment)

    A tax problem that spirals out of control can seem impossible to stop. The good news is that there are financial programs designed to deal with tax debt. These financial programs are quite effective in stopping CRA collection action and enabling you to make a monthly payment that you can afford. Some programs even involve reducing your tax debt and freezing the interest.

    The best thing you can do if you are behind filing returns is to file them. For each month that passes, penalties grow, and for each day that passes, interest grows. Get in to see a financial consultant as soon as possible to start coming up with a financial plan to deal with your tax debt so that you can make arrangements and avoid collection action.

    For more information about CRA late filing penalties or if you need help with your tax debt please contact DebtCare Canada at 1-888-890-0888 or visit www.debtcare.ca.

  • Filing a Consumer Proposal in Ontario – What you SHOULD know

    If you are thinking about filing a consumer proposal in Ontario there is a lot that you should know. Filing a consumer proposal can be a sound option for dealing with debt depending on your personal circumstances. When making a consumer proposal you are essentially making an offer to your creditors under the laws and regulations set out in the Bankruptcy and Insolvency Act (BIA). The BIA is federal legislation so the process to file a consumer proposal is the same whether you are filing a consumer proposal in Ontario or BC.

    Here is how the process works:

    1.       The amount of the consumer proposal is determined using a formula based on your income and ability to repay the proposal on a monthly basis, and then that payment is multiplied by a term of 4-5 years. The sum is the amount of the proposal. This can result in the debt being reduced.

    2.       Once the consumer proposal offer has been formulated, the official offer is made through a trustee in bankruptcy.

    3.       Your creditors then have 30 days to accept or reject the proposal. As long as creditors that represent 51% of the debt in your proposal vote yes, the proposal is accepted. Creditors who do not respond or vote lose their vote and go on record as not opposing the consumer proposal.

    4.       If your consumer proposal is accepted (and many are) you will then make a single monthly payment to the bankruptcy trustee for the term of the consumer proposal.

    Consumer proposals offer many benefits:

    • They can be paid off early so if your financial situation improves you can pay off the proposal at any time.
    • While the consumer proposal will have a short term negative impact on your credit report, the consumer proposal is removed from your credit report 3 years from the date it is paid in full, so the sooner you pay it off, the sooner you can rebuild your credit – the ball is literally in your court.
    • They stop collection action. All collection action with respect to unsecured creditors included in the consumer proposal will stop. This includes wage garnishments.
    • They offer a single monthly payment which is very convenient.

    Now that we have covered how a consumer proposal works and the benefits, let’s look a little bit closer at the process of actually filing a consumer proposal in Ontario. 

    Consumer proposals are administered by a trustee in bankruptcy. The trustee in bankruptcy has an obligation to act both in the best interest of yourself and your creditors. Going to a trustee in bankruptcy directly to discuss a consumer proposal is dangerous because they will probe you and use your financial information to pay your creditors the maximum monthly payment. This leaves many without much financial breathing room which is why many consumer proposals fail. Trustees are also compensated based on a percentage of your proposal. A larger proposal means more compensation for the trustee. It is for these reasons that you should seek out your own independent financial representation if you plan to file a consumer proposal.

    Hiring your own representative is a small expense that can save you thousands of dollars. A good financial consultant who is versed in the BIA can look at your financial picture and help you to craft proposal terms to push with the trustee. They can also arrange the proposal with the trustee and represent you throughout the process. This is money well spent!

    If you would like more information about filing a consumer proposal in Ontario please call DebtCare at 1-888-890-0888 or visit www.debtcare.ca.

  • Credit Card Debt Relief Scams – Buyer Beware

    If you are drowning in credit card debt then there is no doubt you have been thinking about how you can get credit card debt relief. Fortunately for you there are more companies than ever before advertising credit card debt relief services, but it is very important to do your due diligence when choosing one if you want to avoid credit card debt relief scams.

    Here are some things that you should ask yourself in order to find a legitimate company:

    1.       Does the company have a website?

    2.       Is the company listed with Industry Canada?

    3.       Does the company have a bricks and mortar retail location?

    4.       Have past clients of the company made positive reviews about them?

    5.       Do the company and its employees have a presence online on sites like LinkedIn?

    If you want to avoid credit card debt relief scams, ask a lot of questions:

    1.       Does the company charge an upfront fee? If they do, this is a not a good sign. The company should be able to present you with financial options and advise you of the cost to participate in them. Only upon selecting a program should you pay any fee to the company.

    2.       Is the company going to hold the money you pay to them monthly and then disperse the money at a later date? Beware of credit card debt relief companies that collect money from you monthly on the premise that once it has accumulated, they will use it to settle your debt. You don’t know what could happen with the company in the future and this is risky business.

    3.       What will the impact be to your credit? Let’s be realistic – if you are behind making payments or know you will be soon, your credit has likely already taken a hit – or you should expect it to. Any debt solution that involves reducing your debt or freezing the interest will have a negative impact to your credit. A financial program that involves reducing your debt will cause you to pay off your debt much sooner so it really is short term gain for long term pain. Our point here is that the company that offers you debt relief should be open about the implications that different programs will have on your credit and have the ability to guide you through the process of rebuilding your credit.

    4.       Ask the company to be clear about their solution. Many companies will promote debt consolidation but there are different types of debt consolidation. Debt consolidation involves consolidating debts into a single monthly payment. Many credit card debt relief options achieve this but each is different. For example:

    a.       If a bank gives you a debt consolidation loan your creditors will be paid off in full. Pros: You can preserve your credit and your relationships with your creditors. Cons: You will pay interest on the debt and it will take a long time to pay off. Also, you must have good credit for this option.

    b.      You could refinance your mortgage to consolidate your debt. Pros: You can preserve your credit and your relationships with your creditors. Cons: You will pay interest on the debt and you will be stretching the debt out over your mortgage amortization.

    c.       If you go to credit counselling they will allow you to make a single monthly payment to them. Pros: Monthly payments are low. Cons: Damages credit, damages relationships with creditors, takes a really long time to pay off.

    d.      A consumer proposal also involves making a single monthly payment. Pros: Debt can be reduced, single monthly payment, stops collection action, interest is frozen. Cons: Damage to credit.

    e.      A bankruptcy will also result in a consolidated single monthly payment. Pros: Debt can be reduced, single monthly payment, stops collection action, interest is frozen. Cons: Damage to credit, ongoing reporting obligation to trustee, if financial situation improves payments could be increased.

    When looking for a company that offers debt solutions remember that if you do your research and ask a lot of questions you should be able to find a debt solution while avoiding credit card debt relief scams.

    For more information about credit card debt relief or if you need help with a financial problem please call DebtCare at 1-888-890-0888 or visit www.debtcare.ca.

  • Dealing with Collection Agencies: Harassment and The Collection Agencies Act

    In Canada, if you have a debt that goes into default, your creditor can assign your debt to a collection agency to be collected. The collection agency will then attempt to collect the debt from you. They will do this by calling you, sending you letters, and some creditors will even grant collection agencies the authority to sue you.

    Dealing with collection agencies is no fun! When a collection agency is after you they can be ruthless and even harass you. Some people find themselves feeling powerless when dealing with collection agencies.

     

    Dealing with collection agencies used to be even worse than it is now, but as a result of public outcry, the government decided to begin regulating them. Collection agencies are regulated provincially and all provinces have legislation that regulates the activities and conduct of collection agencies and their collections. In Ontario, for example, this legislation is referred to as the Collection Agencies Act and is administered by the Ministry of Consumer Services.

    Although all provinces regulate collection agencies, with regulations varying from province to province, here are some things that, across the board, collection agencies can’t do.

    • Ask you for payment without first having notified you in writing that they have been retained by your creditor to collect the debt.
    • Make phone calls to you with a frequency that would be considered harassment.
    • Make phone calls to you outside of the days and hours the legislation in your province mandates.
    • Ask you to pay a debt without having provided you with the name of the creditor and the total amount owed.
    • Provide personal information to third parties, such as other people in the household, or leave it on your voicemail.
    • Contact your employer (unless there is a court order), neighbours or friends to obtain an address or telephone number for you.

    Sometimes life throws us a curve ball and no one wants to end up with a debt in collections. Having a debt in collections is an indication of an underlying financial problem. While you may be able to count on things like the Collection Agencies Act to control the behaviour of your creditor’s collection agencies, you won’t be able to stop dealing with collection agencies until you have a plan to deal with your debt.

    So many people get stressed out when dealing with collection agencies that, instead of facing the debt head on, they alter their lifestyle. They stop opening mail or answering the phone. Don’t do this!

    There are financial solutions to deal with debt that is in collections and companies that specialize in these types of problems. Some financial solutions can even reduce the size of your debt or freeze the interest on your debt, and all financial solutions will stop collection action!

    Just imagine your life without the phone ringing off the hook every moment. Imagine being able to rebuild your credit. Imagine having control over your debt. All is possible – it’s up to you to take the first step.

    For more information about dealing with collection agencies or if you need help with a financial problem please contact DebtCare Canada at 1-888-890-0888 or visit www.debtcare.ca.

  • Small Businesses Can Be Subject to a Wage Garnishment From The CRA Too But How?

    Starting a successful small business takes hard work and perseverance. Unfortunately, small business owners are one of the largest groups that find themselves with tax problems.

    One of the main reasons why small business owners commonly run into trouble with the CRA is because it is tough starting a business and generally in the first couple of years small businesses are not really profitable. In many cases, small business owners don’t pay for bookkeepers and simply collect their receipts all year long. Then, at the end of the year, these owners go to an accountant with what records they have or attempt to do the returns on their own.

    This can result in incorrectly declared expenses and income that can end up costing the small business owner dearly in a re-assessment or audit.

    Other times, small business owners misunderstand filing requirements and fall behind filing returns. In some extreme cases, small business owners do not set aside their H.S.T. and then find that it is impossible to pay it when tax time comes.

    When things reach a breaking point and the CRA begins pursuing the small business owner to collect the tax debt, there are many collection methods – similar to when they collect from a consumer. Just as they can freeze a business bank account, they can also freeze a business owner’s bank account. Typically, when an individual has a tax debt and is employed, the CRA will send a wage garnishment to the employer directing the employer to forward a percentage of the individual’s earnings to the CRA. When a small business owes money to the CRA the CRA can send a notice to the business’s clients, directing them to forward the proceeds of all invoices to the CRA.

    With an individual, HR departments are generally used to receiving wage garnishment notices from the CRA. For small business owners however, this can have a lethal impact on a business and a business owner’s reputation, as many clients and companies may not want to deal with a supplier who has a tax problem.

    A small business owner who has a tax problem must act quickly to avoid the consequences of CRA collection/enforcement action. Tax problems are usually financial problems, requiring a financial solution. At the end of the day, tax debt is debt like any other debt, only the CRA has greater collection powers than regular creditors which creates a major sense of urgency.

    If you are a small business owner with a tax problem you definitely want to come up with a plan before you face the embarrassment of having your clients notified that you have a CRA debt and are facing a possible 100% garnishment of your receivables, which can cause irreparable financial hardship. If the worst has already come true and your receivables are already being garnished you still may be able to stop it.

    Working with a good financial consultant who routinely works with individuals and small businesses who have problems with the CRA is your first step towards a meaningful solution to your tax problem.

    For more information about how to avoid or stop a garnishment of your receivables please contact DebtCare at 416-907-2582 or visit www.debtcare.ca.

  • Late Filing of Income Tax Returns – How Late is Too Late?

    With tax time right around the corner, some folks are already getting their receipts in order. Others however are not so concerned with filing their taxes on time because they are already late filing for previous years. If you find yourself in the latter group, you may want to think about changing your tax filing strategy.

    Late filing of income tax returns is a slippery slope, often with a snow ball effect. Unfortunately, those hardest hit with income tax problems are small business owners. This is for a few primary reasons:

    1. The owner doesn’t have the “know how” when starting out to keep solid records and when tax time comes he is lost.
    2. The owner doesn’t have the money when starting out to hire an accountant and instead tries to do the taxes himself and makes mistakes or gives up because he finds it too challenging.
    3. The owner spends trust monies, such as H.S.T., and doesn’t want to file because they will have to repay the money.
    4. The owner knows that there will be money owed but has no way to pay it.

    Here is the problem. It is not against the law to owe money to the Canada Revenue Agency. It is illegal to not file your tax returns. Like most problems, a tax problem with not go away by itself and will continue to grow over time.

    You see, the most common penalty that the Canada Revenue Agency uses to penalize a later filer is a financial penalty. First, when you file your tax returns late you will be subject to a penalty. This penalty will grow each time you repeat the offence. For example, if the first year you filed late was in 2009, the second year you filed late was 2010 and the third year you filed late was 2011 you would be assessed a late filing penalty in 2009, it would then be greater in 2010 and greater again in 2011. In addition, interest will continue to accumulate on the debt.

    Many individuals think that if they don’t file it will buy them more time to come up with a plan to pay the tax debt. This doesn’t work. Eventually, over time, employers file tax slips, your clients will file T4A income slips or declare the income paid to you as expenses and the CRA will be in a position to estimate your income. It is very common for the CRA to perform what’s called a “notional assessment,” which is essentially an estimate of what they believe you earned and the corresponding tax debt, interest and penalties that you should owe.

    Once this occurs the CRA will proceed with collection action against you, which could include a wage garnishment, freezing your bank account, contacting your clients, and more…

    If you have a tax problem, what you need is a financial plan. Your first step is to work with a financial consultant who specializes in tax debt to help you determine if in fact there is any way that you can reasonably pay your tax debt once your returns are filed. If the answer is one of the following: a) yes, in instalments; b) yes, if the interest was frozen; c) yes, if the amount of the debt was reduced; or c) no, I simply can’t, then believe it or not there are financial solutions to help you deal with your tax problem, avoiding the stress and embarrassment of having the CRA come after you. You have to make the decision to take the first step towards facing your past due returns and the tax debt you will owe if you want to have an opportunity to put your past due taxes behind you.

    For more information about what to do if your tax returns are past due or how to deal with a tax debt please contact DebtCare at 416-907-2582 or visit www.debtcare.ca.

  • Stopping Collection Action before the Holidays

    The holidays should be a time for joy and family, not a time to be stressed out about your finances and trying to deal with bill collectors. Bill collectors are employees of collection agencies, and it doesn’t matter to them what time of the year it is. If a bill collector has been hired to collect a debt he or she will proceed with collection action.

    When bill collectors begin collection action you may feel powerless to stop it. Stopping collection action is difficult, and before you can do it you have to educate yourself about what types of collection action are legal. You also need to have a plan to deal with the debt. This way, when you begin taking steps towards stopping collection action, you have something to propose to your creditors to satisfy them so that you can enjoy your holiday without worrying about your debt.

    Generally speaking, the number one tactic that collection agencies deploy is communication. They will communicate with you by phone and by mail. The agency may call you several times per/day, in the evenings and on the weekends. For those of you who live or work with others who don’t know about your debt, this can be very embarrassing.

    Some collection agencies have paralegals on staff and have the ability to sue you. In this case, stopping collection action can become even more difficult because the court is involved. With that being said, it is possible to stop collection action being taken against you, even if the collection agency has sued you on behalf of your creditor.

    Certain communication from collection agencies is acceptable, while other forms of communication are not. Excessive phone calls, leaving personal information on voicemail or threats are all tactics collection agencies are not allowed to use when collecting a debt. Collection agencies in Ontario are regulated by the Ministry of Consumer Services. On the Ministry of Consumer Services website you can learn about your rights and even lodge a complaint if you believe that a collection agency has violated them.

    Now, if you have debt that has gone to collections you cannot ignore it. While you may be able to stop some collection actions, the debt will not simply go away. Owing that money is not the only thing to think about, as collection action can have long-term implications on you and your family. You need to have good credit these days because everyone checks credit. Having bad credit and debt can impact your ability to get a job, buy a home and even open a utility account or bank account.

    There are programs available which are effective at stopping collection action, even if the collection has a judgement against you or plans to or is garnishing your wages. These programs can also help you get rid of your debt and rebuild your credit. This is why it is so important not to ignore your debt over the holidays and look for ways to deal with it once and for all.

    By working with a good financial consultant, you can have your credit and finances reviewed to see what options are available to you and you may find that you can start the New Year collection free.

    For more information about stopping collection action and how to deal with your debt please contact DebtCare by visiting www.debtcare.ca or call 416-907-2582.

  • Post-Holiday Debt Consolidation… Bah Humbug!

    This holiday season is forecasted to be a big one in the area of personal spending. This trend has been gradually increasing over the last few years, especially in the area of e-commerce spending, and retailers are gearing up for the boom.

    Over the holiday season, so many families find themselves using their credit cards to make ends meet. The holiday is a special time with the family and the last things people want to think about during that time are mounting credit card bills or debt consolidation.

    The challenge and reality is that credit cards are the most expensive way to shop for the holidays and ignoring your finances through the holiday season can have devastating long-term impacts. With some planning and guidance you can navigate the holiday season with less debt and with a financial plan moving into 2013.

    If you have credit cards, then by now you likely know how expensive they can get. You may still be carrying debt left over from last year’s holiday season. The interest is what makes credit cards so expensive. Because minimum required monthly payments are set so low on credit cards, and because the interest compounds monthly (12 times per year), once a credit card debt accumulates it becomes very difficult to pay off. Even low rate lines of credit are difficult to pay off, not just because of the interest rate but because of the way the interest compounds.

    For example, if you owe $3000 on your credit card and your interest rate is 17%, that means your monthly interest is $42.00. This will mean that you will have to make significantly more than your minimum payment to pay your balance down. If you accumulated the debt thinking that the minimum payments on your credit card were manageable, chances are you have realized that this is not the case. In reality, it can take years to pay off a debt, even one as small as $3000, by just making the minimum monthly payments. Once the interest begins accumulating, it will begin to consume most of your minimum monthly payment.

    Some people find themselves in so much credit card debt that even managing the minimum monthly payments becomes challenging. No one finds themselves in this situation intentionally and it usually happens over a period of time. Paying them outright is often impossible, as things always come up, such as car repairs, children’s back to school costs, and of course – at the most expensive time of year – all of that holiday spending.

    A debt consolidation can be a vital part of a strong holiday financial plan. By consolidating your debt into a single monthly payment you won’t have to pay all of your credit card bills over the holiday season, thus freeing up some much needed cash flow for holiday shopping. Because a debt consolidation involves consolidating your debt into a single monthly payment, you will sail through the holidays without bills from creditors and will be able start the New Year with one, low, single monthly payment.

    Choosing the right type of debt consolidation is very important. Some debt consolidations bear interest or are over long terms, whereas others can freeze the interest you owe on your debts. The right debt consolidation solution for you will largely depend on your own personal financial circumstances.

    For more information on holiday debt consolidation and to see if you qualify please contact DebtCare at 416-907-2582 or visit www.debtcare.ca.