Most people are aware that their credit score plays a big role on their life and finances. Unresolved financial issues leading to a bad score virtually guarantees challenges when it comes to whether or not you are approved for loans, the interest rate you pay on those loans and even whether you can get insurance, jobs and more.

After working hard for your money, it’s natural to want to splurge on yourself. We all feel like we deserve those “special somethings”, or just want to treat ourselves to something nice from time to time. While you have every right to buy that item you’ve always had eyes on, if you find yourself swiping your credit/ debit card or spending your cash with increasing frequency, you can quickly find yourself dealing with serious money problems.

The quality of your credit score can impact your life in many different areas, some of which you may not even be aware of.

Your credit score, or credit rating, plays a role in most if not all your financial transactions, and if you have a low credit score, your financial life could undoubtedly become more complicated if you don’t address it.

If you’ve been struggling with debt management and you’ve been feeling overwhelmed with all the loans you have to repay, you should consider filing a Consumer Proposal. It helps you manage your debt by enabling you to negotiate with your unsecured creditors to make a new payment arrangement and often settle for a percentage of the total debt owed.

If you struggle when it comes to handling your financial affairs don’t feel bad… you aren’t alone. 

Financial problems are one of the most common issues people face, and in many ways society has built a very effective system that makes it easy for people to find themselves dealing with unmanageable debt levels.

1) Make sure you are actually paying a low enough interest rate to make the consolidation loan worth while. Some lenders charge higher rates than credit card companies.

2) Without a decent credit rating you may be denied a consolidation loan, or may required to pay a higher interest rate.

1) Make the minimum monthly payment on each card you owe.

2) Put any extra funds remaining on the card with the highest interest rate. Once that card has been paid off, repeat this with the next highest rate credit card.

3) Contact each credit card company and try to negotiate a lower interest rate if possible.

1) Dig yourself out of debt through better money management and debt consolidation loans.
This can be difficult due to fees, interest and penalties. Also many financial institutions are reluctant to give loans to individuals with a poor history of payment issues.

Q: Are you struggling to meet obligation or pay off all of the amount of money you have to repay?
A: A consumer proposal may allow you to compromise your outstanding debt to resolve your financial difficulties etc.

Q: Would you like additional time to pay your debts?
A: A consumer proposal allows you to repay your debt over up to a five year period.

6 Things You Won’t Lose in Bankruptcy An unsecured vehicle (to a value of $5,650) RSPs are exempt …