wondering about a consumer proposal
We have $58,000 in debt, $41K of which is unsecured credit card/line of credit debt and $17 is an rrsp loan.
My husband is working 60 – 80 plus hours a week – basically killing himself for the last 5 years to rectify this but things aren`t really moving ahead at all. I am not working right now as we have 2 small children at home for the next 2 years at least and daycare is too expensive for me to make it worth going back to work until they are both in school.
I am worried about his health and our relationship and am wondering if a consumer proposal might be a way for us to pay things off sooner and get him out of his very stressful job into someting else that pays less but he is alive for his kids.
He is worried about the impact on our credit – I think it`s time to make a move. We have very good credit standing and are not `maxed out` but just not able to get ahead and only making minimum pymts.
Posted from: British Columbia
Sometimes dealing with the debt in a manageable fashion becomes more important than credit rating. Remember, after a consumer proposal you can reestablish your credit.
From the sounds of it the decision may come out to priorities. Is it more important to work multiple jobs, sacrifice family time and everything else in an effort to protect the credit rating and that is a question that I cannot answer for you.