Can you Keep a Credit Card with a Consumer Proposal?

Debt is one of those things that is sometimes unavoidable. Occasionally, it can get so overwhelming that you need some help to handle it. That would be where a consumer proposal would come in. Essentially, a licensed insolvency trustee will work with your creditors to come up with reasonable payments, adjust the amount owed and even write off portions of the debt. The reason that creditors will agree to this is because then they will at least be able to recover a portion of the money that you borrowed. That being said, a consumer proposal doesn’t come without some negatives. Your credit report will take a pretty hard hit so what does that mean for you? Are you able to borrow more money if needed? Can you keep any existing credit cards or credit lines? How much effect does it really have on your credit score? These are all things to consider.