With the costs of housing in Toronto steadily rising, it’s no surprise that a number of Torontonians are in debt. But residents are also racking up non-mortgage debt because of things like vehicle loans and credit cards as well. In many cases, credit card expenditures are often for paying day-to-day expenses such as food and transportation, or in the worst-case scenario for paying monthly bills.
According to The Toronto Star, when looking at debt as a whole, millennials are beginning to outpace boomers, though Gen X is suffering the most with $767.4 billion in debt. This illustrates that debt management affects people of all ages and that living in Toronto is becoming more expensive than most people can manage.
Where to Seek Help for Your Debt
There’s no reason to feel ashamed or nervous about seeking help for your finances. It’s clear that this isn’t just an isolated problem, and that many Torontonians (many Canadians, in fact) are burdened by financial troubles that they could use a hand with. But with so many options for debt relief in Toronto out there, how do you know who you can trust with such a personal and sensitive issue?
Credit Canada Debt Solutions is a non-profit organization that exists to help Canadians who are seeking debt relief. Their Credit Counsellors are kind, patient, understanding, informative, and judgment-free – they are there to work with you and provide you with whatever resources you need to get back on track with your finances.
They are Canada’s first and longest-standing credit counselling agency, with over fifty years of experience aiding thousands to avoid bankruptcy, become debt-free, and achieve financial wellness.
How a Credit Counsellor Can Help
When you visit a credit counselling company, you’ll be provided with a free, confidential consultation where a certified credit counsellor will go over your financial situation, get a sense of the extent of your debt, and discuss the pros and cons of each debt relief option available to you. They may either provide financial management resources or if necessary, recommend a debt consolidation program (depending on how bad the situation is).
What Is a Debt Consolidation Program?
A credit counsellor will combine two or more of your unsecured debts into one lower monthly payment, meaning that you only have to make one payment every month instead of multiple payments. They will act on your behalf and negotiate with your creditors to either significantly reduce the interest rate on your debt, or in most cases, stop it completely. With a credit counsellor on your side, you don’t have to worry about collection agencies hounding you with calls – they’ll take care of that for you too.
Making monthly payments on a debt consolidation program is easy to do and can be done by telephone banking, debit card, or money order. There is complete tracking so that you know where your money is going, and payments to creditors are on-time and automatic.
Credit counsellors will also teach you important money management skills such as how to set a monthly budget, create financial goals, and how to keep track of and control spending. That way, when you have paid off your debt, you will have the tools you need to remain debt-free and achieve long-lasting financial wellness.
Hopefully, the above information will help you seek debt relief in Toronto so that you can become debt-free.
You might be interested in reading, “Strategies to Help You Repay Your Car Loan Quickly“.