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A widow, retired, who was collecting CPP, OAS and drawing on a small RRIF to make ends meet, came to see us.

Her credit card bills were proving to be overwhelming. She had a small RRIF that was quickly dwindling. She was drawing larger sums from the plan than recommended in order to keep up with the minimum payments on her credit cards.

Credit Card Debt

She indicated that the worry from the financial stress was keeping her awake at night. She did not want to file a bankruptcy and was hoping we could help her find a different solution. We looked over her budget and that she needed to draw less from the RRIF in order to secure her future and stretch the funds further. We discussed a consumer proposal, which is an offer to the creditors based on the person’s financial situation, in full satisfaction of the total debt owed. Often the credit card debt can be settled for much less than what is owed.

After taking all the factors into consideration, she has made an offer to the creditors to pay a monthly payment that she can afford. This payment is much less than all of the monthly minimum payments combined. She feels greatly relieved and back in control of her finances and is sleeping soundly at night.