K&G Debt and Credit Professionals

July 12, 2011 09:00 ET

K&G Debt and Credit Professionals: Consumers in Crisis-Debt Reduction Programs Required

COURTENAY, BRITISH COLUMBIA--(Marketwire - July 12, 2011) - Eighty-six per cent of Canadians aged 19 to 64 live in households that carry debt. With the Bank of Canada's warning of an impending rise in interest rates the consequences for Canadian consumers will be devastating. According to Bank of Canada governor Mark Carney, "The repercussions may be fierce and have the potential to catch many with debt loads they can no longer afford." It is imperative that consumers who anticipate being adversely affected by the interest rate increase be proactive and consider the options that are available to them should they need help with their debt. Debt reduction programs will play a vital part in providing this help.

Bonnie Krisher, the founder of the debt settlement company K&G Debt and Credit Professionals, urges those consumers who are already struggling financially to educate themselves on the debt reduction services available to Canadians and the pros and cons of each. "Many consumers often allow their financial situation to become irreparable before they research solutions for their debt. By doing so, they can unknowingly minimize their options," says Krisher.

According to Krisher, there are four types of debt reduction programs available to Canadians:

  • Debt settlement, also known as debt negotiation or debt arbitration.
  • Credit counselling.
  • Debt consolidation.
  • Bankruptcy/bankruptcy proposal.

Statistics Canada reports that the Canadian debt to disposable income ratio has risen to a record high. For some, debt solutions can begin with a new budget, additional income, and thrifty money managing such as couponing or negotiating better interest rates. For others, a debt reduction plan may require the help of a debt arbitrator or bankruptcy trustee. Consumers should use the resources available to them to understand their true financial circumstances, what their options are for debt reduction, and how they may be affected by any changes to their interest rates. With a plan in place, fewer Canadians will find the need for extreme measures as a result of a financial crisis.

About Bonnie Krisher

Bonnie is a certified debt arbitrator, and is renowned as a leading expert in debt settlement in Canada. Bonnie holds a Masters of Education, a Bachelors in Psychology degree, is the founder and CEO of a debt settlement consulting firm, K&G Debt and Credit Professionals, and has successfully assisted her clients in reducing and eliminating their unsecured debt. Bonnie has authored many articles and has been featured in several newspapers and magazines nationally.

Contact Information

  • K&G Debt and Credit Professionals
    Bonnie Krisher
    Founder and CEO
    (250) 871-6000

    K&G Debt and Credit Professionals
    Brian Pybus
    (250) 871-6000
    www.kgdebt.ca