True debt relief can lift a huge burden off the shoulders of someone who is struggling under the strain of debt. When it seems like there’s no way you’re going to make your bill payments, the collection agencies are calling at all hours, and your wages are being garnished, then you need to get outside help.

A Licensed Insolvency Trustee (formerly known as a bankruptcy trustee) has the expertise to guide you through the best debt recovery plan for your situation. You might be a good candidate for a consumer proposal, which is a great alternative to filing for bankruptcy in Ontario.

Should You Get a Consumer Proposal Loan?

Sometimes getting a loan to pay off the consumer proposal seems like a good idea. In those cases, good bankruptcy trustees can offer you tips for paying off your consumer proposal loan but they will advise you to make the smartest financial choice, which may be to avoid collecting more debt altogether. Consumer proposals stay on your credit history for three years after completion, which means that many individuals want to fulfil their consumer proposal obligations as fast as possible.

it’s understandable that you might want to secure a loan to pay off your consumer proposal, however consumer proposals themselves don’t accumulate interest (loans do) so it might end up costing more to take a loan and pay the interest on it down the line. A good bankruptcy trustee will make sure you understand the full extent of your consumer proposal and that you have a solid plan for paying your creditors back in a timely fashion.

Bankruptcy Isn’t the Only Choice

In many cases, a consumer proposal is the best course of action for debt relief. Consumer proposals are best suited to those with a stable source of income who can commit to regular payments over a fixed period of time. No one is truly exempt from the realities of insolvency. While there are always different reasons why someone would become insolvent, bankruptcy isn’t always the only option available. Allow a bankruptcy trustee to show you the full spectrum of your options.

Digital Debt Repayment Tools

Financial freedom might seem like a long way away, but you get closer to achieving that goal once you have a plan of action for regaining control of your spending and paying off your debt. That’s where technology can come in to make things easier for you to stay on top of your debt and track your progress in reaching your financial goals.

Automate Your Credit Card Payments

You can achieve personal finance success with the help of automated services that let you pay off your credit card debt without thinking about it, literally. Services like Digit Pay allow customers to connect their bank account to the software and let it make automatic payments towards paying off credit card debt.

One of the best features of financial automation is that the software is smart enough to adapt to how your financial situation might change over the course of a month. An app can put away small sums of money that mean you don’t even realize that you’re chipping away at your debt. Bots help you stay on top of interest rates and can be integral to getting organized with your finances and reduce your debt once and for all.