Rates for consolidating debts in canada
Here’s what you need to do if you’re in the “overload debt” boat – Call us!
We’ll look at your financial situation; see what you have incoming, and look at what you have outgoing each month.
Pay down those high rate credit cards to increase cash flow and improve your credit rating.
As a consumer of products, you are likely the owner of a credit card or two.
It’s a long article—but if you stick with me, you’ll know more about this highly effective method for reducing debt than 99% of Canadians.
Debt, as you know, is a struggle against interest payments. And once your debt rises above ,000, it becomes very hard to pay down the interest.
Improve your credit score A bad credit score can affect your life more than you think.
And when it comes to debt, things become really murky. I’ll answer the questions I hear all the time from 4 Pillars clients including: Debt consolidation involves taking out one big loan to pay off many small loans.
In addition to streamlining your debts into a single payment, a debt consolidation loan may also offer you an interest rate that is lower than that charged by your creditors saving you money in interest charges.
This option can be especially attractive if you have outstanding debts at a relatively high rate of interest (for example, those charged on some retail store cards or credit cards).
Debt consolidation is a popular (and legal) way to significantly lower your debt in Canada.
In this guide, 20-year financial expert Paul Murphy takes you through the basics of why Canadians use debt consolidation.