Do you know the difference between 'good debt' and 'bad debt?' Here's a generalization.
Bad debt is debt acquired buying something you should have bought for cash had you only had the cash. That's virtually every purchase on your credit cards, your car, the washer and dryer, and 'the toys': hot tub, boat, motorbike, satellite dish, computer, plasma TV, etc, etc. All this stuff, if bought on credit, is costing you a fortune in interest charges, while the stuff you bought is rapidly depreciating. So that's bad debt.
Now good debt is an RRSP loan (you get savings for retirement and a tax break), a student loan or business loan (because these are helping you improve your life), a mortgage to buy your house (a form of saving), borrowing money to invest like a GIC.
The
Debt Solution will help you Eliminate
Your Debt!
Credit
Cards,
Loans and other debts concerning you?
Debt Consolidation,
Counselling or Bankruptcy not
the solution for you?
Our
Debt Reduction Plans are different.
Our Professional Certified Debt Arbitrators engage in Debt
Arbitration with your creditors and settle your outstanding
debt down 50%-80%.
Debt
Reduction through Debt Arbitration - is
a private service that has not been available to Canadians
until recently. Unlike credit counselling, debt consolidation
or bankruptcy, Debt
Settlement allows for a portion of your
debt to be forgiven.
Your Debt Arbitrator will negotiate with
your creditors to have a portion of your debt forgiven.
For example,
-you owe a debt of $10,000.00
-you offer
your creditor a lump sum payment of $3000.00,
-when the
offer is accepted your creditor will forgive the remaining
$7000.00 and close the account. View
Sample Settlements
The Debt Settlement program is ideal for those with
debt in arrears or collections and who are considering
the potential need to file bankruptcy. Our
Professionals can eliminate your need to do that.
How will I repay my creditors?
There are several sources of funds that may be available
in order to pay your creditors the settlement amount, such
as friends and family, lending institutions, the sale of
assets, savings, redeeming RSP's, etc. K
& G Debt & Credit Professionals can assist
you with this prior to negotiating your settlement amount.
K & G Debt & Credit Professionals care about
your situation and want to help.
1 An example of unsecured debt is
the use of credit cards. The risk of default is a main reason why such
unsecured debt has an interest rate higher than other forms of lending,
such as mortgages, which employ property as collateral.
2 unemployment, medical issues, dependency problems,
marital/relationship breakup, business failure, etc.
3 ie: through family, friends,
RSP or other savings, etc.
Canadian Debt Reduction Plans and Settlements by a 
