A single mother with lots of credit card debt – How We Helped

Thursday, March 24, 2016 - 13:51

Consumer Proposals, Asset Concerns

I met with a single mother who was struggling with credit card debt. She earned a good income that allowed her to make regular payments on her credit cards, but her total balance wasn’t going down. She was concerned that if she filed personal bankruptcy, her creditors would take all of the savings she had been investing in her son’s RESP.

How we helped

We reviewed the following options:

She was very relieved to learn that by filing a consumer proposal she could make one affordable monthly payment to deal with all of her credit card debt and keep her son’s RESP.

Where is she now?

  • has a plan to become debt free
  • is relieved that her son’s RESP is protected from her creditors
  • she has enough money to continue saving for her son’s education

We can help you become debt-free too - contact us for a free consultation.