Consolidating debt in ontario

When doing a debt consolidation, our expert mortgage brokers will assess your debts in detail, to calculate what makes most sense, to consolidate debts ✔ Easier To Manage Debt Make only one payment towards all debts and mortgage.

Consolidate debts today instead of managing a mortgage payment along with multiple monthly bill payments to different creditors ✔ Save Money & Improve Monthly Cashflow Use a low rate debt consolidation mortgage, to pay off high interest loans and other debts.

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Thousands of Canadians have used debt consolidation to reduce their debt.For those that can’t qualify for a consolidation loan as the debt load is simply unmanageable debt restructuring may be a better option.This saves you money on interest fees and lets you pay off your loan faster.” With debt consolidation, you essentially ask a creditor to loan you one big lump sum of money to pay off all those small debts.Your new big loan will be a much lower interest rate—saving you thousands of dollars over the next few years.You work hard for your money and it really is a shame for you to pay high-interest rates if it can be avoided.

Paying high interest rates can turn small loans into large debts over time.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.According to the Government of Canada, “this option [debt consolidation] may be suitable for debts such as those relating to credit cards, public utilities or other consumer loans.However, not all debts can be combined into a consolidation loan — a mortgage cannot be included, for example.” As I explained, debt consolidation combines your smaller loans into a larger loan with the goal of getting a lower interest rate.However, you can also use your existing assets (such as your home) to have even more leverage with creditors.