At York Credit Services, we believe that attaining financial relief from burdening debt is a process that takes careful consideration, professional input and a concrete plan for the future. We offer a wide variety of credit services including debt consolidation, credit counseling and our Barrie debt relief specialist is always on hand to assist in the debt process. Taking the step to change your financial situation will make a huge difference in your life. Not only will you enjoy your hard-earned income better but also enjoy the financial liberation that comes from being debt free and in control of what you owe.
We can combine your various unsecured debts and create one bill to pay them off with a single loan. With the economic crunch over the past couple of years, a lot of adults today with good jobs are finding themselves burdened with student loans, car payments, medical bills and credit card payments among others. With time, all these debts can become overwhelming and it is not surprising finding a missed payment here or there. This is how bad debt begins to build up. The more you lose control over the payments the more difficult it becomes to satisfy all payments as required every month and still live a comfortable life. This is when debt consolidation comes to the rescue.
There are several ways in which debt consolidation works to reduce or get your debt under control. You can get into a debt management plan, get a debt consolidation loan or opt for debt settlement. We need you to understand that none of these is quick fixes towards your debt problems. However, they are long term solutions that will ease the burden and help you regain your financial stability while getting out of debt. These processes will help you to lower your interest rates, lower the amount of monthly payments to make, improve your credit score and ultimately help you get out of debt faster.
The debt consolidation process you choose to implement depends on a couple of factors. You will speak to a credit counselor who will ask in-depth questions about your finances and determine the amount you owe. Debts of less than three thousand dollars can be taken care of using a zero-percent interest credit card while transferring balances from the high interest rate credit cards. However, bigger debts will require much more detailed interventions like personal loans, refinancing your mortgage and so on. The Barrie credit counseling session can shed a lot of light on the options you have and your next best move in the debt consolidation process.
Through the debt management plan, you can get lowered interest rates from creditors, reduced or waived late fees and a financial resolution plan. This long term process involves sending one payment to the agency which will be split among your creditors until your debt is fully paid off.
You can choose to get a debt consolidation loan so you do not have to make multiple payments to your different creditors. The debt consolidation loan is quite helpful when you have a large number of creditors so you do not have to worry about remembering to make payments to each of them. A lot of people are often afraid to take on debt consolidation loans because of the long repayment period. When working with a credit professional, you can be assured of getting the best repayment means for your financial needs.
One important factor to understand about the Barrie debt consolidation process is that you cannot continue to live the same way as you did before. Your financial mistakes are probably what led you to the crippling debt in the first place.
Therefore, you will need to make some serious life adjustments once you are in the program. The credit counselor will advise you on the changes you need to make to satisfy your agreement with agency and clear your debt. In most cases, it involves reducing luxury expenditure, working within a budget and saving as much as you can. If you are committed to the process, you will be debt free in the shortest time possible.