Consolidating your loan

Debt consolidation is nothing more than a con because you think you're starting with a clean slate.But the truth is the debt is still there, as are the habits that caused it—you just moved it!If you have a number of debts, you may wish to merge them all into one loan. There may be a number of reasons why you would wish to do this.Below are the most common reasons: To learn more about what debt consolidation is and how it works in Canada, click here.To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage.Myth: Debt consolidation saves interest, and there’s one smaller payment.

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This means you can arrange much lower monthly payments than with another type of loan.The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.You also could look at a personal loan to pay off your balances.That's where debt consolidation and other financial options come in.Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.Debt consolidation is bringing all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your financial future.

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