5 Signs of Unmanageable Debts In Toronto And Greater Toronto Area Hi, my name is Amit, Credit Counsellor at Credit Management Services. We are an Ontario Based firm with a professional and dedicated staff of government certified counsellors that provide result driven solutions and answers to almost every financial problem! My team and I provide services for debt consolidation and settlement, mortgage loans and real estate to consumers since 2003. This month’s article focuses on warning signs of unmanageable debt in Toronto and GTA. Recognising these warning signs of financial difficulty is an important step toward recovery. But living in denial can prevent you from dealing with the debt that needs attention right now. At Credit Management Services, we can help you find a plan that really works for you. We fight on your behalf not the creditors to provide you and your love ones the best financial solution so you can manage your debt easily. Here are 5 great helpful signs that indicate that you are carrying unmanageable debts in Toronto and Greater Toronto Area: 1. Making minimum payments only - this is the most common and overlooked sign. You have credit card and loan owing but you can only manage to come up with the minimum payment. What that means is that you are stuck with the debt for the next 10-15 or even 20 years while paying thousands of dollars in interest charges. 2. Relying on overdraft - you have an overdraft facility on your bank account and you are using it in a way that your account is almost always in negative except for the pay day. In this way you are always paying overdraft fee to the bank and there is something definitely wrong with your budget and your debts. 3. Using payday loans - you have resorted to pay day loans for cash. This can be the worst form of loan because of the high interest payment that it comes with. It also means that all your other debt accounts have dried up and now you are running even faster towards financial disaster. 4. Considering taking second job - you are not able to cope up with your debt payments and thinking of working extra hours just for that. Not only are giving up a precious part of your personal life but also your hard earned money for unmanageable financial problems. 5. Credit card debt is more than the limit - There comes a time when your balance is more than the credit limit. That might be due to missed payments or high interest rates. But one thing it surely indicates is that the debt has gone beyond your means to repay.
5 Signs of Unmanageable Debts In Toronto And Greater Toronto Area
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