2025-05-07
How to be a responsible credit card user
Credit cards are a popular and convenient form of credit that can be a very useful tool.
2015-09-02
A consumer proposal could be the solution that changes your life.
Debt can be overwhelming. When you are racing to keep up with your debt payments but you end up going nowhere, it can feel as though you are on a debt treadmill when the amount of debt you owe never seems to go down. If you are only paying interest on a line of credit or just the minimum payments on your credit cards, there will be no end in sight. Have you checked your credit card statement where it tells you how long it will take to pay off your debt? If you’re only paying the minimum payment, that number could be 20 years or more. Here are a few examples of why that could be a big problem:
The good news is, you can get off the treadmill and assess options that will help you work towards becoming debt free so that you can stop worrying and get back to living.
Here is how a consumer proposal could be a solution for you
A consumer proposal is an agreement with your creditors to freeze the interest charges, lower the amount of debt to a level you can afford and consolidate the debts into one monthly payment up to a maximum of five years. To start the process, you meet with a professional Trustee. They will make a complete assessment of your situation so that an appropriate and manageable consumer proposal can be drafted. Ultimately, the consumer proposal will be tailored to you, taking into account your personal situation.
Once a consumer proposal has been accepted by your creditors, you will be able to see the light at the end of tunnel. For every $1 you pay into the consumer proposal, your debt goes down by $1. Debt will now be removed as a roadblock to your future as you are on way to financial freedom. Relief can come in different ways:
The best part is of filing a consumer proposal, is knowing that you are no longer on the treadmill and are now moving forward towards a fresh financial start.
David Gowling is a Bankruptcy Trustee within our Hamilton location. To learn more about how MNP Debt can help you, contact any of our local offices.
2025-05-07
Credit cards are a popular and convenient form of credit that can be a very useful tool.
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.