The most common form of personal consumer debts are credit card debt, payday loans, and other consumer finance, which are often at higher interest rates than long term secured loans, such as mortgages. Knowing the key contributors to high personal consumer debt allows you to make the changes in your life to avoid bankruptcy. At C.E. Craig & Associates in Victoria BC we offer many different options to get your finances in order.
There are solutions if you find yourself with too much debt.
- Consumer Proposal
This is where you offer to settle your debts at less than their full value, with no interest. This will include all forms of debt, including student loans and Revenue Canada debt.
- Personal Bankruptcy
This option allows anyone to go through a formal process and come out at the end with all of their debts being discharged. (There are some exceptional debts with are not discharged, such as some student loans, alimony/child support, etc.)
In today’s society personal debt loads are at a all time high. Credit has been freely given to anyone without thought given to the ability of the person to pay the debt back. Just about every ad on Television has don’t pay for 90 days or don’t pay until next year to entice people to buy now what they cannot afford on the promise that they will be able to pay off these debts later. These loans are not fiscally responsible and the majority of the people who take these loans end up paying huge interest rates, penalties and fees for late loan repayment. C.E. Craig & Associates of Victoria BC can help you through these debt land mines to help you free of high interest debts. Book an appointment today and see how we can help!