There are many Canadians who are have credit card debt. If you are one of the many who has credit card debt, there are a few things you can do to reduce or eliminate it. If you want to find out what some of your options are, then continue to read the rest of this article or WageGarnishment.ca
1. Negotiate Relief On Your Own- One option you can try is to contact the credit card companies you own money to and ask if they can lower their interest rates. However, if you have fallen drastically behind your credit card payments, then there is a chance you won’t be able to negotiate with the companies. You should also ask if the companies are willing to lower your credit card payments, and if they do, then this should help you out.
2. Hire An Agency- There are agencies that can help you out, and these agencies can negotiate debt relief on your behalf, and as a result you will be able to reduce or eliminate your credit card debt in a reasonable length of time. A good agency will be able to work with your creditors and convince them to work something out. There are various ways an agency can help you, and it is one of the best options to go with if you have credit card debt you want to reduce or eliminate.
3. Debt Repayment Plan- A credit counselling agency can put you on a debt management program or repayment plan. The goal of this is to consolidate your credit card debt into one payment that you can afford. Best of all, an agency will work within your budget, which means you shouldn’t have to take out a loan in order to get yourself back on track.
4. Debt Settlement Program- This means that you make an offer to your creditors, and the offer is a lump sum of money. If they accept your offer, then they will write your debt off. If you have access to a sum of money, then you should consider giving this option a try.
Those are just a few options to help you reduce or eliminate your credit card debt. If you are sick and tired of being in credit card debt, then you should work with a reputable agency. The sooner you hire an agency, the sooner you could end up reducing or eliminating your credit card debt.