A Debt Consolidation Loan Canada is a loan that pays off all of your existing debts and combines them into one new, larger, single-payment amount. The new loan often comes with a lower interest rate than credit cards which can save you thousands of dollars over the life of the loan. There are a few different lenders that offer this type of financing. You can apply through a bank, a credit union, or a finance company. To qualify for this type of loan you need a decent credit score and enough income to make monthly payments. The lender will typically require a few personal details like your name, address, and income source to verify eligibility. Find out: Check this out
Consolidation Loans for Seniors in Canada: Financial Freedom in Retirement
Keeping up with multiple loans, overdue bills, and credit card balances can be stressful and at times seem impossible. However, more and more Canadians are turning to debt consolidation as a way to pay off their debt and take control of their finances.
A debt management program can help you pay off your current debts and avoid late fees by negotiating with your creditors to reduce your interest rates. If you need more financial support, a debt counseling agency can also provide guidance and advice. The first phone call with Consolidated Credit is free but enrolling in their debt management program will have a cost that will be added to your monthly payment. The good news is that making on-time payments won’t harm your credit score.