50000 In Debt Whats My Best Option

2010-12-12

 Your best option depends on what your income is and what you own.  If, based on your income and assets, you can pay the debt over time, but not the associated interest, a good credit counselling program might be the answer for you - lower payments, lower interest.  If you know that you can't pay the full amount of the debt (even if there was no interest on it), a Consumer Proposal can reduce your total debt to a percentage of what it is right now (and it also eliminates the interest).  If that would still be too much for you to manage, then a bankruptcy may be the right way for you to get out from under the debt.  Any of these options will give you a clean slate - if you want to discuss things in more detail, feel free to give me a call. Judy Scott Trustee - Meyers Norris Penny Limited Port Moody - Burnaby - Maple Ridge BC 604-949-2113 [email protected]

Latest Blog Posts

2025-07-14

Nearly half of Albertans are $200 or less away from financial insolvency each month, more than any other province, amid ongoing economic uncertainty

Lindsay Burchill

MNP Consumer Debt Index

Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.

Read More

2025-07-14

Nearly half of Quebecers regret their debt as life plans stall and financial anxieties take hold amid ongoing economic uncertainty

Frederic Lachance

MNP Consumer Debt Index

Nearly two-thirds of Quebecers say they desperately need interest rates to go down (63%, -2 pts), according to the latest MNP Consumer Debt Index.

Read More

2025-07-14

MNP Consumer Debt Index holds steady following two interest rate pauses as Canadians brace for ongoing economic uncertainty

Grant Bazian

MNP Consumer Debt Index

Younger adults and lower-income households are most likely to report stress, stalled life plans, and living paycheque to paycheque.

Read More

Consultation icon