1. Dealing With your Creditors Directly
You may try contacting your creditors directly to explain your circumstances and suggest making lower payments over an extended period. Some creditors may be very accommodating.

2. Credit Counselling
Credit Counselling consists of more than merely discussing how you are managing your current credit or debt load. Credit counselling provides you with an understanding of how the credit system works and how it affects the end consumer. Our credit counselling services provides and in depth analysis of your personal financial situation, as well as the necessary approach to get you away from carrying excessive debt permanently. There are many options to the consumer besides bankruptcy; P.F. Markham & Associates will find a solution to your debt problems.

3. Debt Consolidation Loan
You can approach a bank, other financial institution, or sometimes even a relative or friend about combining or "consolidating" your debts into one loan. This essentially translates into a single monthly payment to one creditor. However, be careful as many lending institutions may charge exorbitant interest rates. Make sure to shop around as a loan that bears too high of an interest rate will make the amortization period (pay-down period) too long, and you will pay far too much in interest charges.

4. Consumer Proposal
Under the Bankruptcy and Insolvency Act you may make a proposal to your creditors to reduce the amount of your debts, extend the time you have to pay off the debt, or provide some combination of both. Please see consumer proposals for more in depth information.

5. Bankruptcy
If your debt problem is insurmountable, you may want to consider bankruptcy. Bankruptcy should be the final alternative if you cannot meet your financial responsibilities through other options, like a consumer proposal.