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Managing Your Debt
Getting your finances in order can be an overwhelming task. Service Canada has prepared this list to provide you with general information about managing your debt.
1. Understand Your Credit Report and Credit Score
The Understand Your Credit Report and Credit Score publication provides key information on how to obtain and understand your credit report and score, as well as what to do if you find errors on your credit report.
2. Take Charge of Your Debts
Canada’s Office of Consumer Affairs provides an online tool to help consumers deal with debt. The Take Charge of Your Debts tool brings together many sources of information about debt in one place. It offers Canadians some suggestions and options for getting out of debt.
The Office of the Superintendent of Bankruptcy Canada also provides answers for the particular needs of debtors. The Web site also provides information about avoiding debt and improving your financial condition. If you are unable to pay back what you owe, these links will help you understand the bankruptcy process and what bankruptcy will mean to you.
3. Dealing with Mortgage Payment Difficulties
Canada Mortgage and Housing Corporation (CMHC) provides information to prepare and educate homeowners so that they may confidently approach their lender and discuss ways to address financial difficulties in the repayment of their mortgage loan.
4. Manage Your Student Loan Debt
CanLearn provides information about repaying your student loan, including the repayment process and assistance that may be available to help you repay your loan.
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