Credit Cards Debts & Consumer Proposals
Reduce your credit card debt up to seventy percent and one monthly payment that’s affordable to you with a consumer proposal.
Consumer Proposals and Credit Cards
Credit card debt is one of the main causes of financial debt issues, and if this has happened to you, your not alone.
A consumer proposal for credits cards maybe a good idea when:
- you owe thousands of dollars in credit card debt
- you cannot pay off the credit card each month
- you have more than one credit card that is over it’s limit
- you only pay the minimum fee per month
A consumer proposal is an offer to the credit card holders for you to pay them a reduced monthly amount over a five (5) year period or less.
You agree not to use any credit cards and the outstanding balance is paid off over the term.
What is Credit Card Debt
Before credit cards started around 1980 most people had very little unsecured debt, you had to go into a bank borrow money.
The loan process at the bank put people through a vetting process where they had to explain why they needed the loan and how they would go about paying it.
Then came along credit cards. The credit card companies quickly learned that they could make large amounts of money from giving away easy credit without making people go through the banking vetting process.
Many bank institutions changed their attitude about credit and started “giving away” credit cards hoping that you won’t be able to pay of the card so they could charge user fees.
This type of credit is called “Unsecured Credit” .
After Filing a Consumer Proposal
After the filing the consumer proposal, the trustee then contacts the creditors you owe.
The proposal administrator advises the creditors that you have filed a consumer proposal and will make the monthly reduced payments on your debts.
You make one reduced monthly payment to pay off all your debts in five (5) years or less!
After you file a consumer proposal:
- Any wage garnishments will be stopped,
- No further interest will be applied to any debts you owe,
- Collection companies and creditors must stop calling you about your debts.
Contact our offices to discuss ending your credit card debt with a consumer proposal.
★★★★★ After years of struggling with credit card debts I was getting deeper and deeper in the hole. Finally a friend suggested I speak to YanchDey.
I made an appointment to speak with Kelli Dey who was non judgemental and explained how filing a consumer proposal would get me out of debt and pay off my outstanding loans to my creditors. Now I’m stress free, the calls have stopped and I will be free of debt in five years, Many thanks! Julie Davies, Oshawa.
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This site is for information only and is not meant to replace qualified legal advice by a Licensed Insolvency Trustee the writers shall not be held responsible for any information that may be incorrect or out of date in regards to consumer proposals. The owners of this website recommend that anyone wishing to learn about how a trustee can deal with your financial issues should contact our office.