Credit counselling
Debt consolidation
Cash-out refinance
Consumer proposal
Debt settlement
Do it yourself
A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.
You take out one loan to pay off all your debt. This loan may carry a lower interest rate than your debts. You make fixed monthly payments on the loan until it is paid off.
Requires you to work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts.
Working with a company, you make monthly deposits into an account. The company negotiates with your creditors to accept less than the debt owed. That amount is then paid to creditors, from the account you deposited into until the debt is resolved.
A legal process. Financial positions is evaluated and used to assess payment plan to pay off your debts. Once proposal is complete, you are relieved of the debt obligations you had before filing proposal.
Using various online and offline tools, you determine the exact payments required for each debt and track your progress as you go.