Nobody likes to be in debt but sometimes in the path things happen that are unexpected, then at a moments notice we find ourselves behind on the bills. Although you may be panicking because the collection calls are rolling in, there are ways to correct this, especially if you live in Toronto.
In Toronto they have professional debt consolidation firms who stop wage garnishment as www.wagegarnishment.ca and will help put you on a path towards becoming debt free. It is not easy, but if you are persistent and willing to commit to a plan, you can get out of debt normally within 3 to 5 years.
It all starts by giving the debt consolidation company in Toronto a call. They will go over all of your debts and tell you exactly what they can and cannot help you with. Basically what debt consolidation does is take all of your unsecured debts, combine them and put them into one easy payment. Each month you make that one simple payment to debt consolidation firm and they send the payments off to each of your creditors.
Additionally, the debt consolidation firm will negotiate lower interest rates with your creditors provided that you are willing to close out the card. Once you do that, you are making a simple payment each month instead of sending out 10 or more payments to each of your creditors. Making one simple payment each month is what many people appreciate because they know exactly how much to pay and how long it will take to pay off the bills.
It is up to you to stick to the plan. Although in the beginning you may take slight hit on your credit report, but the main thing is you don’t need to have these credit cards right now until you get your financial life back on track. You really should only have one or two credit cards open for emergency, business or travel purposes. That’s it, everything should be closed. Pay in cash if you have to, but avoid credit cards at all costs.
Look online to see which debt consolidation companies earn the best reviews. This way you can be sure that you’ve signed up with a top company that has your best interests at heart. If you stick to the plan and don’t get off track you will find yourself out of debt very fast and your financial future much brighter because of it.