Resources To Help You Repair Credit
There are many resources available to those who are seeking a solution to debt problems, but there are just as many sharks out there looking to charge you a fee to show you how to fix bad credit, or rebuild your credit. The truth is, that everything you need to know in regards to protecting yourself and your family in a debt crisis, is freely available from government sources. Some of the information may give you peace of mind knowing that there are solutions for any debt situation, yet it may also show you the reality of your situation may also be a tough pill to swallow.
The biggest crisis most of us face is simply Taking Action towards repairing your credit. From our years of experience in helping clients rebuilding poor credit, we know without a doubt that in most instances a bad credit car loan is the simplest means of rebuilding a bad credit history.
The main reason this is true is that a basic requirement of Canadian suburban living is that a motor vehicle, car… SUV or truck, is typically required for most of us to hold down a steady job which is the first and most basic requirement of any lender to provide a loan.
The second most important reason a bad credit car loan is your best “vehicle” for rebuilding credit, is that other than real estate, a car or truck is the primary form of collateral a lender will accept.
Thirdly, a bad credit car loan allows you to establish a payment history to give the credit industry a paper trail to see that you are rebuilding trust with lending institutions.
The Government Of Canada has a wealth of Free Resources to help us create a plan to repair bad credit
Indications of Personal debt
There are numerous warning signs that show you when you find yourself past an acceptable limit regarding debt, that tell you to make modificationsand avoid the slippery slope of consumer bankruptcy. You might be past an acceptable limit of debt when you:
- regularly settle payments in arrears of the due date;
- write bad cheques;
- “rob Peter to pay Paul” or… use a credit card to pay the minimum amount on a different credit card;
- collection agencies harrass you;
- borrow money from friends or family members;
- have home services get blocked (cable, telephone, hydro, water);
- reduce expenditures on requirements like apparel or activity, or perhaps on basics such as food;
- have decided you’re getting a 2nd occupation so that you can help to pay your debts.
Visit the Office of Consumer Affairs (OCA) to find out how to protect yourself and Take Charge Of Your Debt
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