Eliminate Credit Card Debt

The average insolvent debtor in Ontario owes almost $24,000 in credit card debt. And this is on top of other debts like personal loans and payday loans. Many are looking for safe, credible solutions to eliminate their credit card debt and gain a fresh financial start.

When you meet with an Ontario bankruptcy trustee, they will assess your situation and help you review your options. All of the trustees on this site offer free initial consultations. In addition, they believe that bankruptcy should be your last resort. As expert debt advisors they will help you explore ways you can get out of debt.

Explore Your Budget

When you meet with a Ontario bankruptcy trustee they will begin by performing an initial debt assessment. Your trustee will talk with you about your income and expenses and help you explore ways to improve your monthly finances. They will find out what you can afford to pay each month towards your debt.

From there, they will help you determine if you will be able to repay your credit card debt on your own. The can recommend strategies to pay off your debt sooner.

You may be able to consolidate your debts into a new, lower interest debt consolidation loan. Or you may be able to arrange a repayment plan in exchange for lower interest. You can try this on your own or with the help of an accredited credit counselling agency in Ontario. To be successful you will need to be able to afford to repay all of your debt and make any monthly payments you agree to.

Make A Formal Proposal To Your Creditors.

If your income is not sufficient to repay your credit card debt in full then making a proposal to your creditors to settle your debt may be your next best option. By filing a consumer proposal you can eliminate your credit card and other unsecured debt and:

  • eliminate interest and penalties;
  • pay off less than you owe;
  • make one, affordable, monthly payment;
  • keep your assets and avoid bankruptcy.

A consumer proposal, filed through a bankruptcy trustee, is the ONLY government regulated debt settlement program in Ontario.

File For Bankruptcy

As a last resort, if you are unable to make an arrangement with your creditors, you may need to file for bankruptcy.

Your credit card debt probably crept up on you over time. If you are now struggling, making only minimum payments or missing payments all together, it’s time to find a debt management solution that can eliminate your credit card debt and improve your monthly budget. Talking to a licensed bankruptcy trustee is a great start. Contact an Ontario Bankruptcy Trustee today.