Through our Debt Consolidation Program, we will create a monthly repayment plan that fits your budget. We will reduce or stop interest on your debt, so you can finally start paying it down.
Get relief from anxiety and start saving for the future.
Credit Canada is not-for-profit charity that has been helping people get out of debt and lead financially healthy lives since 1966.
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How Does Debt Consolidation Work?
In the modern day world, many individuals find themselves in a myriad of debts, which can prove to be very stressful. You can make a move now and within the next five years be a debt free person with the implementation of an effective strategy. There are numerous options. All you require is some patience, education, persistence and time.
Prior to seeking debt consolidation, it is important to look at your credit report. For you to fix your debt situation, you must be conversant with what led you there. Assess your debt situation documenting the amount you owe and to whom it is owed. With the absence of this information, it can be difficult to determine whose debt you need to settle first.
When evaluating options for debt consolidation, you should bear in mind that even companies that claim to be non-profit organizations will still bear some fees associated with the services they offer. Some companies disguise themselves as non-profit organizations so as to fool people into going for them which can result into some high loan terms that cannot be eliminated. To find a reputable firm, you can visit the BBB.org website.
Do you possess a life insurance? If you would like to pay all your debts, you definitely want to terminate your policy. Get in touch with your insurance agent and determine the amount you could receive against the policy. In some instances, you can borrow a few of your policy investments for you to write off your current debts.
Your creditors should be aware of any consultations you are making with a credit counseling professional or debt consolidation business. If you do so, you are likely to receive alternative options to write off your debts. They are not conversant with the communication between you and these companies. Knowing that you are trying to straighten things up can help you out of your debts.
If you possess a home, refinancing it and using the cash to pay off your debts could be a viable option. Of late, mortgage rates have been low. This makes it the most opportune moment for you to consolidate your debts in this way. In addition, your mortgage repayment may be less than what you originally paid.
Avoid borrowing money from professionals you know nothing about. Loan sharks are aware of your bad financial situation. If you opt to consolidate your debts through borrowing cash, ensure you obtain a lender with a good reputation making sure that the interest rates match the creditors’ charges.
Now you can easily solve your debt dilemma. Take your time to understand how you ended up in debt and how you can avoid getting in the same situation in the future.
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