This time of year, it is hard not to get swept up in the spirit of the season. Hearts and cupids in every store window and Valentine’s Day commercials for flowers and jewellery make it almost impossible to ignore. And perhaps there is love in your life – but when that isn’t an emotion you have towards your bank account it might be time to get your butt in gear and start fixing those finances.
Check out this list of debt relief strategies to help you fall back in love with your bank account!
1. If you feel as though you can handle your debt on your own, start with a budget and decrease your spending on unnecessary items and increase the amount you put towards your debt each month. This strategy can take time, but if your debt isn’t overwhelming it can be highly effective.
2. For more complex debt, debt consolidation might be the answer. Simply stated, this means consolidating all of your debts into one, single, easy to manage monthly payment. This also means that you save on interest – a major bonus! This option is best suited to those with a stable credit history as it requires being approved for a secured or unsecured loan.
3. Consumer proposals have also become very popular debt relief strategies. A consumer proposal involves applying to your creditors to reduce your debt and accept a regular monthly payment. Since this has to be handled by a licensed administrator, and thus can’t be done on your own, this option requires careful preparation with a debt consultant who will independently represent you in your proposal.
4. Bankruptcy has always been an important avenue for debt relief for those with debt that has become insurmountable. When you are regularly missing payments, choosing between various bills and which ones will be paid, or are receiving calls from collection agencies all the time, your financial situation is likely in dire straits. A bankruptcy is not for everyone, but meeting with a debt consultant (not trustee in bankruptcy) can help you determine if it is the best choice for you. A bankruptcy gets rid of those debts and you are required to make a monthly payment in bankruptcy, giving you the chance to stop the collection calls, stop the interest and get back on a firm financial footing.
When debt seems to be haunting even your dreams (or rather nightmares), stop worrying and start strategizing. Take advantage of the debt relief strategies out there that can help banish those bad dreams and help you fall back in love with your bank account.
For more about debt relief and how to achieve it please call DebtCare Canada today at 1-888-890-0888.