Rising cost of living, higher interest rates and economic slowdown. These were the economic culprits responsible for Canada’s credit card debt which hit an all-time high in the 3rd quarter of last year. According to Equifax Canada’s latest credit trends report, credit card debt reached $113.4 billion, up 16 per cent from last year. If you’re one of those who’s overwhelmed with debt, there is a way out. One option is debt resolution.

Repaying creditors

Debt resolution helps debtors repay their creditors without filing for bankruptcy. A third-party company negotiates on your behalf to make your payments more manageable and to protect you from constant harassment. The goal is to reduce the principal amount owed. While debt resolution does not totally eliminate your debt, it puts you on the path of financial stability and helps you avoid financial ruin.

Helpful tool

Debt resolution may help you regain control of your finances but you should also consider its potential consequences. For instance, not all creditors would agree to getting less of what you owe them. Also, this option may negatively impact your credit score as the debt settlement company would usually tell you to stop making payments. So before you opt for debt resolution, carefully weigh its pros and cons.


On the other hand, debt resolution comes with some very compelling benefits, namely, it saves you time and stress. When you work with a debt settlement company, a professional negotiator will communicate with your creditors, sparing you all the trouble that comes with the resolution process. On top of this, a successful resolution through a debt settlement attorney may result in lower overall payments and shorter repayment timelines. Thus, with a debt settlement service you get to repay debts faster, avoid bankruptcy and get relief from crippling debt.

Finding a debt resolution program

To ensure the success of your debt resolution program, finding the right debt settlement company is key. Trust and experience should be central to your choice. One name you can trust is Financial Rescue. The success stories of our clients speak of our brand of service that has put many people back on track, helping them get out of debt and regain financial freedom. To know more, call our customer rep and they can help you determine if you’re ready for a debt resolution program.