Consolidating debt versus bankruptcy

Pros Interest rates: Credit scores are not a factor in Debt management programs.In fact, the average credit score for DMP clients is around 555.However, if you stop using the cards and start paying down the balance, your score eventually improves.

Pros Interest rates: Banks, credit unions and online lenders rely heavily on credit scores when making debt consolidation loans.A consumer proposal is like a loan, because you make one payment each month to deal with all of your debts.But it’s better than a loan because in most cases you pay back less than the full amount owing, so you can get out of debt faster.Where do you turn for help when your credit card debt – or any other form of unsecured debt – gets that far out of hand?

The best option is debt management through a nonprofit credit counseling agency, but that is hardly the only choice.In most cases Canadians with debt problems have too much debt to qualify for a loan.

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