Which One Should You Choose - Consumer Proposal or Credit Card Debt Counseling?
Posted by Daniel Stewart on March 9th, 2020
A Consumer Proposal is used for repaying to creditors a part of the amount that you owe in return for complete forgiveness of debt. In Credit Counseling, you can get a debt management plan. In case you are planning to hire a professional who can help you overcome debt issues, you might be wondering whether you need consumer proposal in Ontario or credit card debt counselor services.
When is Credit Counseling Better?
It is typically better for people with:
• Ability to pay back full debt amount, but with a break on interest amount
• Having excessive home equity to qualify for filing a consumer proposal, but are not eligible for another debt consolidation loan or mortgage
• Having small debts amounting to as high as 20,000 USD or less than 10,000 USD in case of having sufficient income for repayment support as well up to 10 to 15% extra fees in credit card debt counseling
When Are Consumer Proposals Better?
These are a better choice for people with:
• A need to prevent bankruptcy
• Multiple payday loans
• Large unsecured debt balances
• Huge student debt
• Lots of tax debts
• Wish to repay a part of the debts on the basis of what would be supported by the budget
• Inability to repay debts in full
By filing a consumer proposal, you can get instant protection from the creditors. In case you are experiencing financial problems with collection accounts or have arrears on payments, creditors can be prevented from harassing you for payment with a consumer proposal.
Daniel Stewart has been helping people with their debt settlement, credit card debt and debt relief Solutions with over 15 years’ experience in business finance. You can find his thoughts at credit help blog. Visit this website for getting credit card debt counselling in Ontario.
About the AuthorDaniel Stewart
Joined: July 8th, 2019
Articles Posted: 20
The ONLY Vital Credit Card
Earn 5% Cash Back on all of your purchases plus additional cashback for sharing the offer with your friends and family! This is the ONLY credit card you need! Competitive APR's, No annual fee, Elegant Metal Card Design!
Claim 1 FREE Stock! No Purchase Necessary!
You have a 100% chance of receiving one free stock! Click to claim and have a chance to get one share of Facebook, Visa, Microsoft and others for free!
FREE App - Earn up to 25¢/gal cash back on gas!
Download this FREE app and earn cash-back when you buy gas, groceries and food! 100% FREE to join and FREE to earn cash back on your everyday purchases!
Quality Office Furniture USA Shipped Direct - Madison Liquidators
Nationwide vendor of quality office furnishings including Desks, Office Chairs, Conference Tables, Cubicles and more!
Earn HNT Tokens with a Helium Hotspot!
Pre-Order a Helium hotspot and earn HNT tokens that are redeemable for USD. Set it and forget it!
Lolli: Earn Free Bitcoin When You Shop Online!
Lolli is a rewards application that gives you bitcoin for shopping at your favorite online stores.