What is the best debt help option to reduce your debt in Lethbridge?
If you have been struggling with your debt and would like to reduce your debt but aren’t sure what your options are, then keep reading. Today I would like to go over some of the more popular ways of gaining control of your debt and give you some options for debt help in Lethbridge.
Debt Consolidation
Debt consolidation is grouping your individual debts into one lump sum by taking out a larger loan and using it to pay off your smaller debts leaving you with one payment. In a lot of cases a consolidation loan from a bank or financial institution is a wise choice to relieve your debt problem. You won’t necessarily pay off your debt quicker, but grouping your payments into one payment each month is a simple way to make sure that each of your debts is being paid. If your current debts are on high interest credit cards or payday loans, then you will most likely be able to save some money by switching to a lower interest consolidation loan. If you have good credit and enough income, then a consolidation loan may be the best option for you.
Spend less and make more money
It seems like an easy task to just find a way to make more money and spend less to free up some cash to pay down your debt, but in real life it is a lot of sacrifice and hard work. If you are willing to put in the extra time to clip coupons, look for sales and make sacrifices like eating at home instead of in restaurants, then you can often free up more than you realize. If you can take on extra work such as delivering pizzas in the evenings or on the weekend, you can quickly and easily make more money to pay down that debt quicker. Take a look around your home to see if there are items that are valuable that you can sell. This will free up space, clear up clutter in your home and you can use the extra cash to pay off some debt. Try using a budgeting tool so that you know where every dollar is going. When you see it all in front of you it is easier to find extra money. There is a great budgeting tool at everydollar.com that is free to use. If you have a manageable amount of debt and you are able to use self-control and be disciplined with your finances, then this option may be all that you need to get yourself out of debt.
Debt Restructuring/Consumer Proposals
Restructuring your debt using a consumer proposal is very beneficial when you have a lot of unsecured debt and you don’t have the means to repay what you owe. A consumer proposal is basically making an offer to pay less than you currently owe to your unsecured creditors via a trustee. If you have exhausted all of your options and do not want to claim bankruptcy, then filing a consumer proposal may be the best option for you. When filing a consumer proposal it is important to have someone you trust to look out for your best interests representing you through the process.
4 Pillars Consulting Group has been helping our clients reduce their debt since 2002. Over 97% of our clients successfully complete the plans that we lay out for them and become debt free. If you are struggling with your debt and need a way out, phone our 4 Pillars Lethbridge office at 403-332-7361 to speak to a consultant who will ask the right questions to find out where you are at financially and then give you the best options for you to get out of debt.
