From Near-Bankruptcy to Debt-Free: Bernice’s Story

How a Canadian girl harnessed Credit score Canada’s companies to lastly get out of debt

Chapter is what lots of people think about because the distant image of all-time low. You won’t have seen it as a chance for a few years—but extra Canadians now than ever are contemplating chapter. Plus, over half of Canadians say they’re $200 from not with the ability to meet their payments and bills. 

As a national-leading credit score counselling company, we speak to those Canadians every single day and assist them discover debt aid choices. 

Bernice is certainly one of Credit score Canada’s shoppers—a Canadian identical to you who struggled with immense debt and looming chapter. Credit score Canada’s confidential, free credit score counselling companies helped her discover a approach out. 

A Downward Spiral of Debt and Stress

Bernice described her state of affairs as a complete mess. She felt overwhelmed with nervousness and stress due to her money owed, which compounded into her hiding payments and creating extra debt. Sound acquainted? That’s as a result of debt has this fashion of creeping up on us, and even after we notice there’s an issue, the stigma and stress of all of it can really feel paralyzing to many. 

“I used to be scared, couldn’t sleep…I hid payments, I created extra debt whereas I used to be in debt, and I used to be simply sick. I used to be going below and below.”

A lot of our shoppers expertise psychological well being challenges and stress on account of debt. 

On the lookout for Solutions and Contemplating Chapter

Bernice determined to hunt assist. She began along with her employer’s worker help program and instructed them about her state of affairs. Their answer? Chapter. However Bernice didn’t wish to settle for that as her solely possibility.

“[Bankruptcy] wasn’t an answer. This was my debt that I created and I needed to take duty for it.”

Why did Bernice’s employer assume chapter was her solely possibility? In some instances, our shoppers resolve to go that route as a result of it gives them with the aid they should begin over and really feel higher about their funds. However chapter is in no way your solely possibility. In truth, we advise our shoppers about loads of alternate options earlier than contemplating chapter. 

Right here at Credit score Canada, we all know debt aid isn’t a one-size-fits-all answer. It ought to account on your private values, earnings capability, monetary targets, and every part else it is advisable really feel snug about your plan of action. We offer Canadians with information and details about a number of debt aid choices accessible to them. 

So Bernice determined to search for solutions elsewhere…

Discovering Credit score Canada’s Skilled Credit score Counselling Companies

Our licensed credit score counsellors present confidential and free companies. Right here’s how the method went for Bernice:

“I bear in mind my first appointment, strolling into the workplace and anticipating that first assembly. I believed, oh I’m wondering what they’re gonna say…you don’t know what to anticipate.”

As an alternative?

“I obtained plenty of assist and understanding…it feels fantastic.”

Bernice sat down with a credit score counsellor and shared all of her worries, issues, and money owed with them. Collectively, they recognized the most important contributors to Bernice’s debt and crafted a debt consolidation plan to assist her discover aid. 

She was burdened by a whopping $684 in contractual funds for high-interest money owed. After we set her up on a debt consolidation program, her curiosity was decreased by 59% and introduced her month-to-month funds right down to $199. 

“You get such a launch of tension; you be taught to respect your self once more and to love your personal self once more since you’re going to make choices on your future.”

Her closing recommendation for anybody experiencing debt issues?

“Anyone on the market going by means of this, simply make that decision. Making that telephone name was the very best factor an individual might do.”

Your life doesn’t should be about your debt any longer. If you wish to take management of your funds and discover a approach out of debt for good, our staff is right here to assist you. Speak to a credit score counsellor at present.