Even During a Pandemic, There are Options for Managing Your Personal Debt
In early spring, when the Federal government began releasing its plan to help Canadians during the pandemic, it also asked the banks to lower their credit card interest. They knew that Canadians would likely be using their cards more often to order groceries, food and supplies online. But also, it was a beneficial policy to help those who have been trying to reduce their debt, especially if they were carrying a lot before the crisis. Currently, the average consumer non-mortgage debt (credit and other loans) is $23,800. Here are some options for you to explore:
Speak with your creditors about lowering your interest rate(s):
Many banks have posted special messages on their websites about their Covid-19 support programs for credit cards holders. Some are offering to lower card interest rates and to defer payments over a defined number of months. For more information on what your bank is offering, consult their website or call them directly.
Getting support from a credit counselor:
Canada Life is currently offering members a free consultation with a credit counselor from the Credit Counseling Society until September 30, 2020. Credit counselors are knowledgeable about the different options that can help you eliminate your debt, including debt management programs, consolidated loans and consumer debt proposals. To learn more about this service, call 1-888-527-8999, or 1-888-753-2227 if you reside in Quebec or the Maritimes.