Debt management helps you fix your finances and get out of the bottomless pit that is debt. It is all about controlling the amount of money you need, ensuring that it is absolutely necessary and that you don't exceed your budgeted limit. For this, you may want to understand how the cost for debt management consulting in Ontario is calculated and its alternatives (if any). This guide will tell you exactly that and more, so keep reading:
Is Debt Management Consulting in Ontario Expensive?
It is important to note that you can get non-profit debt management consulting in Ontario, which is free. However, only the first consultation is free where the consultants evaluate your finances, and debts and identify the best possible solutions for you. Once that's done, and you are ready to enroll in a debt management program, that's when you will have to pay the fees.
We cannot tell you a specific number here because the cost varies from person to person depending on their financial situation, how much they owe, and the extent of work and time needed to prepare a unique plan for them. Nevertheless, the cost is calculated based on the following factors:
- How much debt do you have
- Your monthly income and budget
- Number of credit cards you own
- Where you reside
- Number of creditors involved
- Your ability to repay
- The complexity of your case
National Credit Help offers comprehensive debt management consulting in Ontario. Once you have consulted with us, it is up to you whether you'd like to handle the matters on your own or have us represent you, negotiate with your creditors, find a consolidation loan for you and continue educating you to avoid future debt issues.
Our fees don't come into the equation until the consolidation loan distribution occurs. You can also opt for a retainer or pay when negotiating settlements with your creditors.
The gist is you don't have to worry about paying these fees (unless you opt for a retainer). Once you finish the debt management program, you won't be the one paying our service cost. In fact, our clients typically save 5 to 10 times the fee we get – a win-win for everyone!
Are There Any Alternatives to Debt Counseling?
If you don't want any debt management consulting in Ontario and feel like taking the DIY route, you have options like the Avalanche Strategy and Snowball Strategy.
- Avalanche: This technique involves saving as much as you can each month to pay your credit card debts and then making minimum payments on all of them except for the one with the highest interest rate. Once you have paid the highest interest card’s debt, you can move on to the next highest rate card.
- Snowball: This one is similar to the Avalanche strategy, but you start with the lowest balance credit card. Once it's paid, you start paying the next car with the lowest balance and continue doing this until all card debt is paid off.
Taking matters into your hands is always a possibility, but also consider the repercussions if you fail to pay your debt obligations. You might have more debt than before, which can cause further difficulties when you finally decide to get debt management consulting in Ontario.