The two most common ways to repay a debt are:

1. Revolving debt

Revolving debt is the term used for purchases that are paid back monthly, and you do not have to pay the full amount due every month. You do not have a fixed monthly payment, usually just a minimum payment amount due. Examples of revolving debt are credit cards and personal loans.

2. Installment Loan debt

Installment Loan debt is used when financing something specific for a specific amount of time. A fixed amount is paid each month. Examples include most mortgages, car loans, and payday loans.

Get help

A criminal record will affect your ability to get a loan, a mortgage, or a job. To erase your criminal record, learn more at Pardon Partners. It’s easier than you think.

There are many options to consider when you are in a situation of financial difficulty. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillars and rebuild your financial future. With 60 locations across Canada, they will help you design a debt repayment plan and guide you with compassionate advice. No judgment. For help, visit 4Pillars or call toll-free 1-844-888-0442 .

								
You now have 4 options:
								

									
More answers about Credit, Debt and Bankruptcy
									
Master List: 2,500 Legal Answers
																													
ASK an Expert, submit your question
																			
																		
Government Links