---
title: What are the disadvantages of doing nothing about my debt?
description: There are 3 main disadvantages when you choose to do nothing about your debt.
---

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# What are the disadvantages of doing nothing about my debt?

## There are 3 main disadvantages when you choose to do nothing about your debt.

1. Creditors will still continue to contact you
2. Your debt with continue to grow with accruing interest
3. It will have a negative impact on credit rating

- [Consumer Proposals](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#main-content)

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- [Personal Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#main-content)

    - [Assets](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#assets)
    - [Cost and Payments](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#cost-and-payments)
    - [Length of Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#length-of-bankruptcy)
    - [Other](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#other)
    - [Credit Cards](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#credit-cards)
    - [Taxes](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#taxes)
    - [Mortgages](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#mortgages)
    - [Debts](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#debts)
- [Debt Repayment Options](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#main-content)

    - [Do Nothing](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#do-nothing)
    - [Debt Consolidation Loan](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-consolidation-loan)
    - [Informal Agreement with Creditors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#informal-agreement-with-creditors)
    - [Debt Management Program (DMP) - Offered through Credit Counselling Society](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-management-program-dmp-offered-through-credit-counselling-society)
    - [Orderly Payment of Debts (OPD) - Offered through Money Mentors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#orderly-payment-of-debts-opd-offered-through-money-mentors)
    - [Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#consumer-proposal-debts-less-than-250000-excluding-principal-residence-mortgage)
    - [Division I Proposal (debts over $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#division-i-proposal-debts-over-250000-excluding-principal-residence-mortgage)
    - [Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#bankruptcy)

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