Post-Holiday Debt Solutions You Can Feel Good About

The holidays are a great time for fun and relaxation. We congregate with close friends and family, prepare decadent feasts, and exchange gifts with those we love. It is a time to come together, enjoy some quiet time, and reflect on the year that has gone by.

While the build-up to the holidays is exciting, winding down after the New Year can bring unexpected pressure as the bills pile in. At Fox-Miles & Associates, we are here to help you effectively manage your debt so that post-holiday blues won’t be an issue that will affect you this New Year.

How Holiday Debt Builds Up - You Aren’t Alone!

If you’ve accumulated debt over this holiday period, know that you are not alone. Debt is a common problem affecting families across the country, and many people are in the same boat as you. Holiday debt is normal and only becomes problematic if you don’t address it quickly.

If you can’t pay off your bills, your debt will start to pile up, along with the high-interest fees charged by the banks and credit card companies. Unpaid bills will also adversely affect your credit rating, limiting your ability to apply for credit or take out loans in the future.

Are You in Debt? Here Are Some Options:

The best resolution you can make for yourself in 2023 is to set up a plan to pay off your debt. Our licensed insolvency trustees offer credit counselling to help assess your financial situation. There are several debt relief options to choose from, and we will recommend a solution that will work best for you.

Debt Consolidation

Credit card debts, payday loans, car loans, and unpaid bills collectively build up and incur high-interest rates the longer the debt remains unpaid. Organizing and keeping track of different payments can become confusing, and missed payments affect your already compromised credit score.

Debt consolidation gets recommended when you have the following:

Multiple loans or sources of credit
A sufficient credit score to qualify for a debt consolidation loan
An asset with which to secure the loan

By taking out a debt consolidation loan, you can use this money to pay off your smaller debts and simplify your payment plan. As a result, you will only have to manage one payment with one interest rate.

Consumer Proposal

An alternative option to debt consolidation and filing for bankruptcy is a consumer proposal.

A consumer proposal is recommended when:

Your credit score is too low to qualify for a debt consolidation loan.
You cannot meet the monthly payment set up in the repayment plan.

At Fox-Miles & Associates, we negotiate with your creditors on your behalf to reduce the amount of money you must pay back. Through debt restructuring, your debt can get reduced by up to 80% of the total amount you owe. Doing so will significantly reduce your debt burden and relieve much of the pressure.

Take the First Step

Our licensed insolvency trustees understand how financial debt can cause stress and affect your well-being. You often feel buried under your debt, with no sense of how to work your way out of it.

At Fox-Miles & Associates, we have helped countless families to navigate the burden of debt. We offer non-judgemental credit counselling services and will work with you to implement an effective plan. Examples consist of the following:

Examining your total monthly costs and monthly income
Finding a debt relief option so that you can easily manage your debt
Creating a realistic budget for you to work with to achieve your financial goals

Consolidation Loans in Edmonton

Are you looking for an insolvency trustee in Edmonton? The professionals at Fox-Miles & Associates are here to support you.

Contact us to book your free debt consultation.