Credit counselling
Understand your budget, explore repayment options, and build a plan with a credit counsellor.
A debt management plan is an informal arrangement. Creditor participation and fees vary. Ask which debts are included and how the plan affects your credit.
Debt consolidation
Bring eligible debts together in one loan. Compare the total cost, interest rate, and repayment term.
Consolidation does not automatically reduce what you owe. Compare the full borrowing cost and make sure the payment fits your budget.
Consumer proposals
A Licensed Insolvency Trustee can assess whether a formal agreement with creditors is suitable.
A consumer proposal is a legal process that affects your credit record. Speak directly with a Licensed Insolvency Trustee about requirements and alternatives.
Learn more from the Financial Consumer Agency of Canada
Eligibility, fees, credit impact, and results depend on your circumstances and the solution you choose. Debt reduction is not guaranteed.
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