519-646-2222Debt Reset – and Build Back Better
Being debt free is always better than carrying debt, debt is expensive even with low interest rates. Becoming debt free is no longer as simple as “paying your bills” – increasing numbers of consumers simply can’t afford to pay their bills without using some form of credit to help them out.
When you are using a credit card to buy groceries, then a line of credit to make a minimum payment on the credit card, while waiting for your paycheque to hit your bank account and bring your overdraft up to date so you can make an interest only payment on the line of credit – it’s time to seek a real solution.
That is no way to live. We have known people to stay up late at night kiting money from one credit product to another, using balance transfers and all kinds of tricks to create the illusion they are current on their bills. Very stressful!
When the cost of servicing your debt reaches higher than a debt service ratio of 30% you will experience cash flow struggles. Filing a proposal can freeze interest and reduce repayments toa manageable level. A bankruptcy can erase all unmanageable debts.
Call for a free consultation and more information: 519-646-2222