But these days for a lot of Ontario residents, finding the money to pay even the minimum amount due can be very hard, especially if you have a family to take care of. Other people who get themselves into debt carelessly sometimes don't even seem to care. They seem to just shrug it off when the guy comes around to repossess their goods, they'll even declare bankruptcy if it suits them. This is a terrible road to go down and should be avoided at all costs.
How can the honest person who is really struggling with credit card debt, debt which they couldn't avoid if they wanted to take care of their family, get help?
Our site works with some of the Best debt consolidation and counselling agencies that service all of Ontario and can take a lot of the worry off your shoulders. They have lots of experience of helping people just like you. They will deal direct with all your debtors, so that you don't have to. They will argue your cause, and can even get your debt reduced by having interest charges and penalties waived. Going to a consolidation expert is a smart move in Ontario, and it will certainly give you back a great deal of your confidence and self respect. Don't hesitate to make this important move, contact us by using our handy contact form above to find a reputable consolidation agency and leave the rest to us.
Honestly, credit card consolidation programs in Ontario are a service that carries a lot of weight when it comes to Ontario residents seeking debt relief. It refers to the combination of all the debts that people have into one payment that they can manage easily. People who do not understand, or understand this debt relief concept only slightly, confuse it with getting big loans for covering the other debts that they have. They immediately conclude that this is their only option. Although this debt relief option, which is specifically referred to as consolidation loans, is legitimate, debt management or credit counselling are also other forms of consolidation that provide a viable option.
In essence, credit counselling consolidates and manages the payments that people make and hence, it is a way of consolidating their debts. People need to send their payments to third party companies that in turn distribute the funds for them if they enroll with credit counselling programs.
Similarities between Ontario debt counselling and consolidation loans
Credit counselling and consolidation loans require people to have steady incomes. Lenders have serious concerns about your ability to repay them and hence, they cannot give out consolidation loans if they feel you do not have the ability to repay them. Ontario residents, or anyone for that matter cannot also get assistance from debt counsellors without some form of income. The counsellors can give you advice but it will not benefit you too much if you are unable to support the payment plans that they will create for you.
Differences between Ontario debt counselling and consolidation loans
The details that the debt relief process involves distinguish credit counselling from consolidation loans. Debt management or Ontario credit counselling companies usually have an affiliation with creditors. They give credit advice and help at no charge to people who are unable to make their payments in order for them to minimize losses. They do so by putting up the aforementioned Ontario agencies. DebtConsolidation-Ontario.caAlthough some people might think that these companies are biased, professional advice that costs nothing sounds like a very good idea for people who desperately need help
Involvement of Ontario credit consolidation companies that are affiliated with creditors is not necessary when it comes to consolidation loans. In fact, people do not have to show that they will pay off their debts by using loans when they take them out. Lenders are only concerned about the need to prove that these people can afford to repay their loans. These consolidation loans are also secured by your home in most cases so the risk to the lender is smaller, but you risk losing your home if you can't keep up with the payments. Use the form above to talk to an Ontario debt specialist about this as it could be a very big mistake and un-needed risk.
Credit counselling does not require people to have good credit scores. Debt management agencies are fine if you are able to make your monthly payments that the debt management plans set up for you. Consolidation loans on the other hand require people to have good credit scores because they are the only way for the lenders to see that you would be capable of repaying the loans. You can get loans and pay the most favorable interest rates, which translate into ideal payment terms because of lower rates. Bad credit scores can cost people a lot because they have to pay high interest rates PLUS provide collateral in order for the lender to secure the loans
Credit counselling helps people to overcome their mounting debts because credit counsellors provide them with sound financial advice on how to do so. Consolidation loans on the other hand do not necessarily have this kind of advice because they are a do-it-yourself plan for relieving debts. This latter debt relief option also lacks other things other than the advice. Credit counsellors can help people to pay for their bills on a continual basis. You are however on your own when it comes to consolidation loans. You may not face any problems if you are disciplined enough to keep on making your payments, and of course you have a great credit rating and no unforseen event happens where your income drops off.
Get A Free Debt Quote Now!
We feel it is advisable for you to try the FREE services of debt consolidation Ontario experts before taking on any type of loans. Debt counselling is the best option because it offers you numerous benefits such as ways of preventing you from going deeper into debt. The consultation is absolutely free and can get your monthly payments cut while at the same time get you out of debt fast.
Contact us using the form above to set up your free consultation today!