Thursday, November 19, 2015
Debt is money you owe to someone else. Being in debt is not necessarily a problem if you can afford to make your repayments each month. However, if you’re paying only the minimum repayments and are struggling to pay your household bills, you may have a debt problem. Here are some other warning signs to look out for, along with suggestions on where to get help if you need it. 1. You’ve missed several repayments Missing a single repayment because you can't afford it can often be attributed to temporary cash flow problems. It could result in you being charged for late repayment and may have a negative impact on your credit rating, making it more difficult for you to borrow money in the future. Missing several repayments in a row may be a sign that you're becoming overwhelmed by your debt.
Wednesday, November 18, 2015
When you're in debt, chances are you may find yourself face-to-face with collection agencies. It's easy to feel overwhelmed and stressed as you try to keep up with it all, but running away or hiding from collecting agencies isn’t the best option. The ideal choice would be to enter into a debt relief program, such as an informal proposal to your creditors. An informal proposal is an out-of-court settlement wherein your creditor agrees to let you pay an amount lower than the total you owe. If you go into a debt relief arrangement with reputable debt counsellors in Canada, such companies can help negotiate the amount.
Tuesday, November 17, 2015
Are you struggling to pay the bills on time? Or are you constantly trying to keep up with your monthly repayments to different creditors? If so, then it could be time for an in-depth look at your financial situation. If you have many different debts, such as large credit card bills, store cards, and loans, it can sometimes be difficult to keep on top of them all. Not only that; you will be paying interest on each and every one of those debts. Advantages of Debt Consolidation If you find that you are constantly paying out more than you have coming in, then debt consolidation or debt consolidation loans could be the answer to your problem. As the name suggests, a debt consolidation loan is one that merges all of your debts into one monthly payment (with one interest rate), which can be easier to manage.
Sunday, November 15, 2015
No one plans to get into debt, but it can mount up stealthily, from a small and manageable monthly bill to a sizeable concern that cannot be paid back in a month or two. Companies, such as 4 Pillars Debt Consolidation & Credit Rebuilding for Victoria, BC, work to help customers in such a position pull their debt down to manageable levels, or even to nothing. Here are some ways that you can help to keep your debt under control: Assess if you really need credit. While accepting every offer of credit can be very tempting, especially when money is tight and the family's needs keep growing, this is never a good idea. While accepting credit or increasing existing limits can help with purchases in the short term, before long, interest will begin to mount and making repayments that significantly reduce the bulk of the loan becomes harder and harder to achieve.