In Canada, you are legally allowed to come up with a consumer proposal if you are drowning in debt and meet certain requirements. Under the terms of the proposal, you will pay back a certain amount of the debt and the rest will be discharged, helping you to get out of debt. If you are drowning in debt, you may be thinking about working with a consumer proposal secured debt service.
If your farm requires the use of trucks, tractors, planters, or other specialized machinery used in farming, you may wonder how you'll ever manage to get your hands on these essential items. Unless you have huge amounts of startup capital that can be budgeted toward such purchases, you'll probably need to lease your heavy equipment instead. This is a common practice that has helped many enterprises grow and thrive while controlling expenses.
You've met the love of your life and can't wait to get married and share your future with them. Unfortunately, in addition to your partner's many wonderful qualities, they also have a lot of debt and perhaps even bad credit. While your significant other's financial difficulties shouldn't necessarily stop you from marrying them, it is definitely worthwhile to come up with a plan for handling the situation before you get married.
If you have a low credit score (or no credit score at all), your chances of obtaining financing diminishes. Improving your credit score sounds complicated, but one way to get your credit record back on track is with a car loan.
1. You Need Both Revolving Debt and Installment Debt
Credit reports contain two basic types of financial accounts: revolving debt and installment debt. Revolving debt refers to credit cards, which make funds available over and over as previous balances are paid, while installment debts include most types of loans, from auto loans to home mortgages.