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Tips to Reduce Debt
If you can’t pay off your debts, here are a few ideas that might help you get out of debt:
Be careful about agreeing to repayment schedules that may be too difficult and make sure you’re not borrowing more money or putting off other creditors – and getting charged more interest as a result – just to satisfy the creditors.
If you have been unable to get your debt under control, get some free advice from a debt counselling service. The Credit Counselling Service of BC is a non-profit organization that has counsellors who can help you come up with a plan to:
There are several informative animated videos on consumer credit and debt on the YouTube page for the People’s Law School (scroll down to find the videos).
Learn more about credit cards with this animation from People’s Law School.
Sometimes when you can’t pay your debts, the creditor (the company owed the money) will use a collection agency to get the money from you. A collection agency is a business that pursues debt payments. For doing this, the agencies get a fee or percentage of the money owed.
In BC, anyone who is trying to collect a debt must follow proper debt collection practices. If you are being contacted by a debt collector, here are some tips to help you understand what is and what isn’t permitted under the Business Practices and Consumer Protection Act.
Collection agencies can:
Collection agencies cannot:
If you have inquiries or concerns about a debt collection agency, contact the Consumer Protection BC Inquiry Office.
Get information on Paying back a loan.
IMPORTANT: This page provides legal information, not legal advice. If you need legal advice consult a lawyer.
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