Let’s be real! When you hear the word “bankruptcy”, it probably sounds as appealing as a soggy slice of pizza. No one wants to go bankrupt, it’s a nightmare but when debt starts piling up everyone can feel like it’s the only way to come out.

Well, that’s not true!

Hey Calgarians! Feeling financially stuck? Don’t need to go bankrupt because we have way better alternatives that will let you keep your car, your credit score, and your property.

So, grab a cup of coffee, and let’s talk about Debt Consolidation in Calgary, consumer proposals, and other ways to get your finances back on track.

Bankruptcy: The Financial Fire Alarm (Emergence Call!)

Don’t think that bankruptcy gives you a “fresh start” it is a financial meteor strike. It will wipe out debt and also:

• Tanks your credit for up to 7 years.
• Forces you to give up important assets.
• Leave a financial stain on your record forever.

Debt Consolidation in Calgary

The Smart Money Hack! You can call it a financial group chat. It takes all your scattered bills such as credit cards, loans, etc., and combines them into one simple payment with a lower interest rate.

One easy monthly payment = less stress

Low interest rate = more money in your pocket

No bankruptcy = credit score stays alive!

The best part is that you can go shopping without worrying about collection calls.

Example: $20,000 credit card debt with an average 19% interest and $10,000 loan with 12% interest. Debt consolidation will combine both debts with 8-10% interest rates and one single payment monthly, saving THOUSANDS of your hard-earned money.

Consumer Proposal

If you owe less than $250,000, a consumer proposal is the best option for you that works. A licensed professional can work on it and talk to creditors on your behalf, it will:

• Reduce what debt you owe
• Freeze interest rates
• Give you up to 5 years to pay it off
• You can keep your valuable assets

Fun Ways to Pay off Debt Faster

Paying off debt doesn’t mean living a dull life. Here are some money hacks:

Side Hustle Sundays– You can drive Uber, sell some homemade stuff, or rent your spare room on Airbnb!

No-Spend Weekends– Challenge yourself and your friends to 48 hr of zero spending, and get creative with free events in Calgary.

Debt Snowball vs. Debt Avalanche– Pay off small debt first or attack high-interest debts first.

Guilt-Free Fun Fund: Set aside $20 a week for little treats and make a budget for a balanced lifestyle.

Final Thoughts

Bankruptcy is not the last option—trust us, you have better choices! We can help you with your unique financial problem with special financial options. Explore alternatives of bankruptcy such as debt consolidation, consumer proposals, or creating a smart budget. Our Credit720 team is always just one call away to guide you toward financial freedom!