Difference between revisions of "You Have Options for Getting Out of Debt"

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Once you have a budget, you can better see where you’re spending on things that aren’t truly essential. This can help you decide what you can do without, and direct that extra money to reduce your debts.
Once you have a budget, you can better see where you’re spending on things that aren’t truly essential. This can help you decide what you can do without, and direct that extra money to reduce your debts.
You can also try to increase your income. Maybe you can get a second or part-time job. Or your relatives may be able to help with a gift or loan.   
You can also try to increase your income. Maybe you can get a second or part-time job. Or your relatives may be able to help with a gift or loan.   


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Credit counsellors such as the [https://www.nomoredebts.org/ Credit Counselling Society] and [https://www.creditcanada.com/ Credit Canada] can help you review your finances and make a budget. They also offer [https://www.peopleslawschool.ca/everyday-legal-problems/money-debt/getting-out-debt/budgeting-out-debt useful tools] such as budget worksheets to help you get a handle on your spending.  
Credit counsellors such as the [https://www.nomoredebts.org/ Credit Counselling Society] and [https://www.creditcanada.com/ Credit Canada] can help you review your finances and make a budget. They also offer [https://www.peopleslawschool.ca/everyday-legal-problems/money-debt/getting-out-debt/budgeting-out-debt useful tools] such as budget worksheets to help you get a handle on your spending.  
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===Option 2. Negotiate with your creditors===
===Option 2. Negotiate with your creditors===
If you’re having trouble making payments, contacting your creditors to explore options together can help turn things around. Describe your financial situation and explain why you can’t stick to your original agreement. Show them the budget you’ve prepared. Make them an offer based on what you can afford.  
If you’re having trouble making payments, contacting your creditors to explore options together can help turn things around. Describe your financial situation and explain why you can’t stick to your original agreement. Show them the budget you’ve prepared. Make them an offer based on what you can afford.  
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