It is very natural to want to avoid delving into areas of life that are causing stress and anxiety. When those areas of life include your debt management and finances, simply avoiding opening bills, checking on creditor emails, or listening to the creditor and debt collector calls may be a defense mechanism to avoid adding to your stress.
Working with a Debt Consultant
Making the choice to work with Victoria debt consultants is a first step in getting rid of this type of stress in your life. These professionals assess your debt and your financial situation and then provide insight into the possible options to help to alleviate the debt. For some, this may be a consolidation loan to make one lower monthly payment, while for others, it may be a Consumer Proposal or bankruptcy. Other people may find that reworking their budget and changing some spending habits can help them to get back on track.
Collecting Information
The key to this evaluation is to provide debt consultants with the information they need to understand your financial situation. While it may be difficult to do, collecting information on all of your debts, expenses, assets, and income is essential for your initial meeting.
If possible, bring hard copies of current credit card statements and any letters or communication from creditors. In addition, it is helpful to have information on your regular monthly bills, any loans or secured debt, as well as all unsecured debt, even if all payments are current.
Details about your income and that of the spouse or partner are also critical for debt consultants to review. The more information that can be provided, the more accurate the initial overview and discussion of options, leading to an increased understanding of the right choice moving forward.