For the past several decades, Canadian consumers have been racking up ever increasing levels of unsecured debts using credit cards, personal loans, and so forth. Recently, the debt increase has been quite sharp in Newfoundland due to a growing economy that invites additional consumer spending. In fact, a recent study published in June 2011 demonstrated that consumer debt grew an astounding 7.8 percent from the previous year.

With a total average debt per consumer at roughly $23,000, even residents who follow a budget carefully may find it quite difficult to get this debt under control. That is why Newfoundland debt consolidation is an increasingly popular debt management strategy.

When debtors consolidate their many individual debts into one loan, they are often able to refinance and obtain lower interest rates. Lower interest rates translate into lower payments, which free up cash each month for you to apply towards the principal. Newfoundland debt consolidation loans are a good option for those who have a low total amount of debt.

Many other residents are opting for debt settlement help. Debt settlement is an excellent choice for those who want to lower the amount of principal that they owe to their creditors.

Both options are helpful, with debt consolidation taking longer to pay off your debts but not negatively affecting your credit as seriously. Debt settlement is faster, but WILL affect your credit more significantly, making it harder to borrow later on. Credit Counselling may also be a good choice. Want to find out which option is best for you?

Get more information on Newfoundland debt relief plans by filling out this online debt relief application form.

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