In situations where debt is not too excessive and somewhat manageable, a credit counselling service may be able to review and assist you with your financial situation. These organizations contact creditors on your behalf, provide education on avoiding debt and personal budgeting strategies, as well as counselling.
A credit counsellor will meet with you and determine how much you can pay each month towards your bills. The counsellor then works as a money mediator and the money you contribute is placed in a trust account before being sent to your creditors once a month. Typically you will pay the full amount of your unsecured debt over time. The credit counselling organization will provide you with a positive note in your credit file if you carefully adhere to the program.
With an informal debt settlement, you contact your creditors yourself to see if they can offer any options to aid your debt relief. If you work with a credit counselling organization, they will contact your creditors to negotiate your repayment terms and provide you with education and counselling.
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Lifestyle Debt
The holidays are a time for gathering with friends and family, sharing laughter, and creating memories. But hosting a holiday party can get expensive, especially with rising costs these days. Thankfully, you don’t need to spend a fortune to throw a memorable celebration. Here are some ways on how to host a fantastic holiday party on a budget.
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Navigating personal Bankruptcy is challenging enough, but the complexity increases significantly when you’re also a shareholder or director of a corporation.
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Debt can be a double-edged sword. On one hand, it can be a valuable tool to build credit and achieve financial goals, like buying a home or pursuing higher education. On the other hand, bad debt—like unmanaged credit cards and payday loans—can spiral out of control and lead to significant financial stress if not managed carefully.
