The credit card debt trap, of paying high compound interest rates and in many situations, being forced into interest only payments, is a difficult place to find oneself. Most people don’t usually talk about their finances around the dinner table, or even with close friends, so the stress is often borne alone. When they do face their creditors, individuals and families alike, who seek debt consolidation, are told they cannot qualify for it.

I have been working with a group of private financiers, who have a way to freedom from the credit card debt trap. First and foremost, I wish to help educate Canadians, so that we as a nation become aware of what the banks and our creditors are doing with our debts, and through that awareness, become able to work toward effecting positive change for our future.

One’s debt load is seldom discussed, yet most adults have debt in one form or another. There is a large demand for debt consolidation within the Canadian borrowing community. Together, a borrower working with a private lender can effect massive savings, so when the banks say no, you can turn to private lenders.

Here’s how:
A private lender is just an average Canadian investing their funds. Thanks to today’s Internet technology, when actively looking for ways to reduce your debt, you can obtain great rates well below the banks’ with private lenders.

Private lenders are ready and willing to ask your creditor for proof of ownership of your debt. When you and the private lender ask for it together, it is very powerful. If your creditor cannot produce proof of ownership of your debt, large discounts can be obtained without affecting your credit. You just need to arrange for a private lender.

When Canadians experience the credit card debt trap, debt consolidation through private lending at great rates is crucial. We all know that when credit card debt gets out of control, it is very hard to recover. This is quite often due to the terms and conditions the banks have initially set up.

For instance, many credit card debts start with a compound interest rate of 5% to 12% when you sign the agreement. What they do not point out in the fine print is that if you miss a payment, or pay an interest only payment, the rate skyrockets up to between 23% and 33% compound interest.

When dealing with private lenders, the most obvious saving is that they use simple, not compound interest calculations. This in itself will save you thousands of dollars. Also, when working with a private financier, there is no fine print stating that your interest rate will skyrocket if you miss a payment.

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