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Eliminating your debts

Img HandsEliminating your debts

There are many ways to deal with the problem of too many debts.

Your creditors don’t really care how you got to where you are – they care about how much of their money are they going to get back.

If you simply stop making payments, your creditors may eventually take the matter to court. If you ignore this process, eventually they can put cautions or liens on your personal property, and also garnish your wages and bank accounts.

Many people try to borrow their way out of their debt problems. This almost never improves the situation.

You may be able to fix your debt problem if you are willing to overhaul your approach to your personal finances, and enter into some kind of credit counselling program.

Your creditors like proposals where you agree to pay back at least some of the money you owe them. You can negotiate with them individually, or you can file a consumer proposal with a trustee, and when accepted, it becomes a matter of law. Your problems will be all under control.

You could file for a personal bankruptcy. More and more people file consumer proposals these days, but for some people, a personal bankruptcy is the most practical solution.