Despite the fact that this option is perfectly legal and been in practice for many years before the recession, debt settlement is strong
medicine for your debt problems.
There's plenty of help
available for debt problems, in terms of the practical and psychological aspects but the key to improving mental health while in debt is to take action.
Debt settlement won't cure your financial sickness immediately, but it can be the
cure for your debt problem in the fastest possible time - frame when being compared with bankruptcy vs. debt settlement.
Bankruptcy is a workable solution
for debt problems when you run into a crippling financial situation like job loss, unexpected medical bills or unpredictable changes in real estate or stock market investments.
However, it can not be said that debt consolidation is a silver
bullet for your debt problems because it doesn't take care of wild spending habits that go on to create debt.Moreover, it's also not a solution when you're completely submerged in debt which you can't pay off in spite of reduced payments.
If you feel making a consumer proposal in Ontario is the right debt
solution for your debt problems your next step is to speak with a Licensed Insolvency Trustee.
People's Finances defer from one to another and thus, there is no standardized solution
for debt problems.
Here at Hoyes Michalos & Associates Inc we recognize that no two people's debts problems are exactly the same and therefore the best solutions
for a debt problem will depend entirely on your specific circumstances.
Like with shoe sizes — «One size doesn't fit all»; with debt relief programs — «One debt relief service will never be the solution
for all debt problems.»
The time has come for the good guys in the individual groups to work together on behalf of the consumer and to stop battling over the confused consumer who simply wants to find the right, appropriate, and most effective solution
for their debt problems.
There are solutions
for your debt problems.
However, if you qualify, Debt Management Credit Counseling that starts with a debt management plan may be the perfect solution
for your debt problems.
In TV commercials and radio ads, debt consolidation can sound like a cure -
all for every debt problem — but it's much more complicated than that.