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Debt can be a tough adversary to take on. This is particularly true in Calgary, where your day-to-day expenses can run high. In fact, many consumers in Calgary carry a significant amount of debt, which can certainly be overwhelming. When that debt becomes unmanageable, seeking professional help, in the form of debt settlement, could be the solution you’ve been looking for.
Take a look at these debt management tips for credit users.
Debt settlement is a type of agreement that you or a debt settlement company may be able to strike with the creditors you owe money to. The ultimate goal would be to reach a settlement that allows you to pay back an affordable percentage of what you owe, rather than the full amount.
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If the negotiation goes well and the settlement is accepted, you will pay that portion back in one lump sum, eventually freeing you from your creditors’ radar. As we mentioned, there are two ways of seeing this settlement through to completion.
If you would prefer not to go through the motions of hiring professional help in Calgary, you can always try to negotiate a debt settlement on your own. This would involve you reaching out to your creditors and explaining your debt situation to them. Before you try this, however, consider the following factors:
Is a DIY debt settlement is the way to go? If so, read this.
The other route you can take is to contact a debt settlement company for some outside help, which might work better if your DIY debt settlement falls through or if you would simply like a professional to oversee the process and guide your hand. They may have an easier time getting through to your creditors than you and could even negotiate to have your outstanding bill reduced by a more substantial amount. That said, before you choose a debt settlement company, there are a few things to keep in mind, such as:
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Another important element to consider before you choose a settlement is what kind of debt can actually qualify for such a procedure. Unfortunately, not all debt types are eligible, which is another reason to consult a financial advisor in advance. Typically speaking, only “unsecured” debt will qualify, meaning any debt that isn’t tied to an asset. Those that do involve collateral, known as “secured” debts, may not be eligible at all. Below, we’ve provided some examples:
Wondering if you qualify for debt settlement? Find out here.
Like any sort of financial product or procedure, a debt settlement is not right for every Calgary borrower. Here are a few of the more notable benefits and drawbacks of a debt settlement, several of them involving the way your credit will be affected by the process. Read through them carefully for a better idea of whether it’s the right path for you.
Click here to learn about some programs that can help you rebuild your credit.
Here’s why your credit report might be scaring lenders away.
If you’ve determined that a debt settlement isn’t the best course of action for your financial situation, don’t worry, there are a few alternatives that you can choose from in Calgary. However, like a debt settlement, each option comes with its own advantages and disadvantages, so again, consult an expert before you make your final decision. Consider the alternatives below:
For more information about some of these debt management products, look here.
Given all the considerations above, it can be difficult to determine if a debt settlement is truly the right choice for your lifestyle. Remember, debt settlements aren’t for everyone and you may have other safer or more convenient options. Nevertheless, a debt settlement in Calgary may be the best choice when:
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Considering a debt settlement or other debt alternative in Calgary? In that case, all you have to do is talk to Loans Canada. We’re confident that we can help you with whatever debt problems you have and whatever debt solutions you need. Contact us today for more information!
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