Consumer debt is on a rise especially in North America where using credit cards and credit became somewhat of an epidemic in recent years.





Many of us myself included end up in debt due to unforeseen circumstances that are beyond our control. Sometimes there is no way out and you must use your credit cards to keep roof over your family heads, food on the table and medications for your children.


In my experience there are some banks and credit card companies that are compassionate and willing to help and work with their long time clients who fell on hard times.


There are also uncaring banks like CIBC that don’t care about you being good client for over 12 years. They don’t care about the hard times your family is going through…..all they care is the bottom line….MONEY….they want it and they want ALL and RIGHT AWAY…..if not you will find yourself dealing with rude lying and threatening collection agents hired by CIBC to collect on their behalf by any means necessary.


There is hope and the light at the end of the dark tunnel of debt. If you are a Canadian in debt there are ways you can deal with it and keep your sanity and self respect at the same time.


Today’s GUEST POST will teach you where to go for help if you are a Canadian dealing with debt.

Debt Help For Canadians: 4 of the Best Places For Canadians
to Turn To

If you’re a Canadian having debt difficulties, and you’re looking for definitive resources to turn to for information and guidance, you’re in the right place. Last week, I did some research and came across 4 of the best sources for you to turn to. 2 of these are government agencies, 1 is a forum, and the 4th is a source I’ve personally used and recommended.


I’ll list these 4 resources in reverse chronological order, down to the resource I personally recommend.


Let’s start with the government agencies:


#4: The Financial Consumer Agency of Canada


The FCAC “provides consumers with accurate and objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with financial institutions.”


The consumers section of the FCAC site provides information on:


* Your Rights and Responsibilities

* Banking and Insurance

* Credit, Loans, and Debt


The FCAC also offers the site, MoneyTools.ca, which serves as an online comparison and savings guide for financial products and services.


#3: Canada’s Office of Consumer Affairs / Industry Canada (www.ic.gc.ca)


The Office of Consumer Affairs has a broader mandate than the FCAC. At the time of this writing, the OCA has a focus on cellphones, debt, digital television, and identity theft.


A key offering of the OCA is the Canadian Consumer Handbook, available online in .pdf format. It covers a wide range of consumer-related topics, debt being one of them. With regard to debt, it covers:


* The warning signs of debt

* Starting a budget

* Budget/credit counseling


#2: Canadian Money Advisor


CanadianMoneyAdvisor.ca is not a government institution, but rather, a forum where fellow Canadians discuss current news and share their experiences with financial institutions, products, services, and programs. It has been around since 2005.


Emergency funds, bankruptcy, and debt settlement
are just 3 of the 18+ topics discussed in the Canadian Money Advisor forum.


#1 Canada Debt Settlements (www.CanadaDebtSettlements.com)


Debt settlement is a relatively new growing alternative for Canadians facing credit and financial hardship. Quite simply, debt settlement is where a debt settlement company works on your behalf to reduce your debt by negotiating a reduction of the amount you owe on your debts.


* The right debt settlement company can can inform you of all the options you have available to you, and can advise you as to which debt solution would be best for you. You make the final decision that will best help you to eliminate your debt

* With debt settlement, your debt can be reduced by up to 80%. This is done through the debt settlement company’s negotiation process

* Usually, no lawyers or complicated legalities are involved. A debt settlement specialist who understands the Canadian personal consumer industry simply approaches the banks you owe, and arranges for you to get your debt eliminated…and you only pay as little as 20% of what you owe (plus a fraction of what the debt settlement is able to save you)

* With debt settlement, your credit rating is not damaged any more than it already has been. That is, your credit record won’t indicate that you used debt settlement. This is important, because there are 3 other debt options (bankruptcy, credit counseling, and consumer proposal) that leave a negative indication on your credit record. This negative indication will be raise a red flag to anyone you grant access to your credit information


* With the right debt settlement company, you won’t be put into any long-term programs that charge you a monthly fee

* With the right debt settlement company, you only pay if the company is able to significantly reduce your debt. And…you pay a fraction of what they save you


Canada Debt Settlements, based in Richmond Hill, Ontario, is one such company. I like them because Aaron Johnston, who’s one of the company’s founders, was able to explain to me what all of my options were. He didn’t try to hard sell me or make me think that debt settlement was my only option. In fact, as I write this, I haven’t yet fully enrolled in their debt settlement program. Even then, in my discussions with Aaron, I’ve learned a lot about the Canadian personal debt
industry. I believe that debt settlement is a great solution that not enough Canadians know about.


About the Author
Canadians: Who Else Wants To Reduce Their Debt By At Least 40-80%…Or Else You Don’t Pay? Phone 1-877-475-3939 for a free, confidential consultation. CanadaDebtSettlements.com specializes in Canadian debt settlement.


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