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Credit card debt help

Can’t keep up with your credit card loans? We have a debt relief solution to help you start your life fresh.

Harris & Partners Inc. is a leading provider of consumer proposals and personal bankruptcy services across Canada. We have helped many individuals and families over the years get their lives back on track. Talk to one of our debt management experts and get timely help.

Should I file bankruptcy for credit card debt?

Filing for bankruptcy is one quick way for individuals who can’t pay their loans to get debt relief. Once bankruptcy is declared, you will get legal protection from your creditors and the harassment will stop.

The first step is to meet with a Licensed Insolvency Trustee and Restructuring Professional at Harris & Partners Inc. who is qualified and licensed by the federal government to administer the bankruptcy process. The trustee will evaluate your financial situation, educate you about how bankruptcy works and guide you through the process, including filing the paperwork at the Office of the Superintendent of Bankruptcy Canada (OSB). Once this is done, the creditors are required to deal directly with the trustee.


Filing for bankruptcy is a legal process with certain ground rules

  • You will have to give all your credit cards to the trustee for cancellation, as you are not allowed to have a credit card in your name during a bankruptcy proceeding.
  • You are required to report your income to the trustee to determine if you have to make surplus income payments to your creditors.
  • After you are discharged from bankruptcy, it stays on your record for 6 years. Credit can be re-established by obtaining a secured credit card and making regular monthly payments to clear the balance.
  • You will also be required to attend two financial counselling sessions. The purpose of these sessions is to help you understand the causes of your bankruptcy and to assist you in managing your financial affairs in the future.

Securing debt relief through a consumer proposal

A consumer proposal is another debt relief solution that can help deal with your financial situation. Your credit card company and Canada Revenue Agency (CRA) are open to a fair consumer proposal if you are experiencing problems paying them back. You can work with one of our experienced Licensed Insolvency Trustees at Harris & Partners who will determine your eligibility, negotiate with your creditors and file the documents on your behalf at the OSB.

A consumer proposal is an offer made by debtors under the Bankruptcy and Insolvency Act (BIA) to modify their payments to creditors. Debtors may propose paying a lower amount each month over a longer period of time or paying a percentage of what they owe (sometimes as low as 25%). This proposal must be completed within 5 years. Certain rules apply such as:

  • You have to turn in all your credit cards.
  • You will also be required to attend two financial counselling sessions.
  • It will be wiped from your credit rating 3 years following the completion of the consumer proposal.
  • You have to keep current with your proposal payments. Otherwise, if you fall 3 months behind, the proposal is annulled.
  • The benefit of making a consumer proposal is that you will stop accruing interest, achieve lower payments and negate further legal action from creditors. In addition, it doesn’t carry the same stigma as a bankruptcy, and it is better than a bankruptcy for your credit.

The highly qualified and experienced team at Harris & Partners Inc. offers its debt management expertise to help resolve your financial troubles. Whether it is personal credit card loans or a business-related debt, we help find the right debt relief solution to help you start over. Meet with one of our debt management experts in Toronto to get started; we operate several offices to serve you better.

Find a Harris & Partners Inc. location near you. We have offices across Canada.

To learn more about getting debt relief through a consumer proposal, please contact Harris & Partners Inc. today.

Credit card debt FAQs

Can you keep a credit card with a consumer proposal?

If you have filed for a consumer proposal, you will need to turn-in all credit cards with debt.

However, you can keep a credit card, and go through a consumer proposal process, if the card has a balance of zero.

Of course, it may be prudent to also close this account to avoid any temptation to rely on bad credit.

Is it a good idea to consolidate credit card debt?

This largely depends on the circumstances of your repayment. If you can consolidate your credit card debts along with other debts into a personal loan that has lower interest rates and more affordable monthly payments, then it may be a viable option for paying your debt off.

However, you may find that to consolidate your debts using a personal loan means you need to extend the period for which you make repayments and, in turn, the interest rates you need to pay.

Another approach is to contact a debt settlement company to help consolidate your loans. The debt settlement company will negotiate your loan repayments with your creditors which can reduce the amount of debt you pay by up to 80% and also prevent harassment calls.

However, this will have a detrimental affect on your credit score as you’re not paying off the full amount of the loan.

How does credit card debt affect getting a mortgage?

This very much depends on the size of the credit card debt you’re carrying.

If the debt is relatively small and manageable and you’ve never had issues with making minimum payments in the past, then your mortgage application shouldn’t be affected.

However, if you’ve failed to make credit card repayments in the past and have a large credit card debt, then your mortgage application might be affected.

Lenders will take into account your debt-to-income ratio which evaluates your gross income against the amount of debt you have. In general, lenders will expect your mortgage, housing expenses and debt repayments to be no more than 40% of your gross income, so it’s always worth considering this before applying for a mortgage.

Our Debt Management Solutions

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Support across Canada

Why Harris & Partners

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Remove up to 80% of your debt

Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.

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We speak your language

Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.

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Debt support across nine provinces

Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.

Take control of your credit card debt with Harris & Partners

If you’re struggling to keep up with your credit card loans and can’t get on top of the payments, get in touch with our team.

We have years of experience in helping people just like you take control of their credit card debt. Our Licensed Insolvency Trustees can help you get a full view of your situation, and support you in finding a long-lasting debt solution. Financial freedom is a phone call away.

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Shahrad Nakhaie
Shahrad Nakhaie
They are so great, every thing was so easy for me. Unbelievable, All my debt are gone now and I feel like I'm free, thanks Osman Ali for all you did for me, at the first time it's even hard to believe that was real, but it's real and easy. Thank you bro for your help.
Osman is a professional and you cant find anybody better. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you osman and the rest of the team for helping me through my struggles.
Banda Gueye
Banda Gueye
Osman is a vert nice gentlemen, he was polite sweet and gentle. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you Osman and the rest of the team for helping me through my struggles.
Kim Brown
Kim Brown
So far this has been a great company, I have been with them over a year. Every time I have an issue Josh jumps right on it and helps me out. He never makes me feel like I'm being a pain in the butt 🙂 I definitely recommend them, I have referred two of my family members to get help and now Josh is helping them as well. I thank you Josh for all the hard work and responding so quickly to all my messages.⭐️⭐️⭐️⭐️⭐️
Ajanthan Murugananthan
Ajanthan Murugananthan
Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.
Paul Woo
Paul Woo
Staff members Yasan and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and made it manageable. I would highly recommend Harris & Partners Inc.

Credit Card Debt Relief Across Canada: Local Expertise, National Reach