Post Holiday Debt

_{By Bromwich+Smith Staff | 1270 words | Reading Time: 3 minutes and 33 seconds.| Date: 2022/12/28}

There is no denying that the holidays seem so magical. Through the wonder of a childs eye Santa magically delivers the item they have been coveting. The lights on the tree shimmer and blink, and there are endless feel good family traditions. No matter what you celebrate, you are bound to have traditions that you follow every year. From holiday baking and decorating, to Chopping down a tree and drinking hot chocolate, or cozying up on the couch watch endless holiday movies. As the month goes on, and the big holiday has come and gone many are left with holiday bills- and a less that magical feeling. We are here to help find the right debt solution for you.

If you find yourself in a post shopping black out- you know what we are talking about- the moment you realize how much you spent and don’t know how you got into that situation know that you are not alone! While the majority of Canadians are looking at decreasing their holiday spending this year, many have found it difficult to purchase the items on their list while combatting inflation and higher prices at the stores. If you are finding yourself in a position where you do not think you can manage your post holiday debt, know that there are debt relief solutions available.

The first step is to know what debt relief programs exist and what are the available options available to your specific financial situation.

Debt Counselling 

Debt Management counselling can provide you with the tools and knowledge you need to take control of your finances, credit card debt, wage garnishments, and more to build a secure financial future by better managing your debt--and to stay of unnecessary debt. When you file with us, you receive two further debt counselling sessions with our knowledgeable and compassionate financial counsellors at no cost to you. 

Debt Consolidation

A debt consolidation loan consolidates all of your creditors into a single loan. With this, you are required to pay back 100% of the debt with interest. If you still have a good credit rating and significant assets to secure a loan and you want to have a debt consolidation with consolidate your debts into one monthly payment, a bank debt consolidation loan may be a great option.

Consumer Proposal

A consumer proposal is a renegotiation of what you owe to your creditors, handled by Bromwich+Smith on your behalf. You pay what you can afford, instead of what your creditors were demanding. (Usually eliminating debt for only a percentage of original amount owed). Think of it as a settlement with those you owe on terms you both agree with. It will allow you to settle based on what you can afford while stopping all creditor actions including phone calls, letters and wage garnishees. Learn more

Bankruptcy

When you declare bankruptcy, Bromwich+Smith legally eliminates all creditor actions.  Creditors can no longer contact you and collection activities must stop. Although it is not to be undertaken lightly, there may be very real advantages for declaring bankruptcy in Canada. You will eliminate debt in less than 9 months * If this is your first time filing a bankruptcy. Through Credit counselling sessions you will gain powerful money management skills, and be given a fresh start. Learn more 

Under Canadian law, you can only file for bankruptcy through the help of a federally Licensed Insolvency Trustee like Bromwich+Smith.

Other Debt Support

At Bromwich+Smith, our Debt Relief Specialists are knowledgeable about tax debt, credit card debt, bills, payday loans, wage garnishments, and legal actions.

It is important to know that not all debt relief solutions work for everyone. Which is why it is important to work with a reputable organization who can explain all of the debt relief solutions that are available to you. By understanding your current finances, you are going to set yourself up for a brighter financial future and eliminate those sleepless nights.

Don’t let debt hold you back from achieving your goals. There are many debt relief options that are available to you. If you can’t see your way out of your financial struggles, start with a conversation to learn about the options that may be available to you. Reach out for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243 or request a call back at our contact us page.