Once you're financially back on track, a good habit to get into is to 'pay yourself' every payday. Simply, it is taking 5% or 10% (if you can save more, that's a bonus) of your paycheque and setting it aside in a separate bank account. Or put it towards paying off a GIC loan, like above (if you get a demand loan for the GIC, that's the best, because you can pay off as much as possible as often as possible). The idea is to establish some financial discipline. You want to do things and achieve success - well, you need money. Saving 5% or 10% is not as big a sacrifice as you might think; after a while and a bit of adjustment you won't even notice it.
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 
