Debt strategies outline - Credence Credit

Debt Strategies

Overview of debt options

Many people find themselves struggling with huge debt and no way to manage it. A sudden change in income, emergency, or other unforeseen events can knock anyone off their financial feet. Here, we compare 6 different strategies for managing debt.

Here, we compare 6 different strategies for managing debt. For more in-depth information about how to control your debt, download our free debt management guide.

Choose your own Debt Strategy

WHAT IS IT?

Pros

Cons

Credit counselling

A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.

Pros

COns

Debt consolidation

You take out one loan to pay off all your debt. This loan may carry a lower interest rate than your debts. You make fixed monthly payments on the loan until it is paid off.

Pros

COns

Cash-out refinance

Requires you to work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts.

Pros

COns

Debt settlement

Working with a company, you make monthly deposits into an account. The company negotiates with your creditors to accept less than the debt owed. That amount is then paid to creditors, from the account you deposited into until the debt is resolved.

Pros

COns

Consumer proposal

A legal process. Financial positions is evaluated and used to assess payment plan to pay off your debts. Once proposal is complete, you are relieved of the debt obligations you had before filing proposal.

Pros

COns

Do it yourself

Using various online and offline tools, you determine the exact payments required for each debt and track your progress as you go.

Pros

COns

Debt RELIEF STARTS WITH YOUR FREE EVALUATION

Our Certified Credit Counsellor will:

Walk you through all the debt relief options available
Review your financial situation
Talk with you to understand your goals and hardships
Evaluate whether or not you may qualify for our program

Need help? Contact us to know your options.

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