Debt Consolidation in Canada – Simplify Your Finances
Are you juggling multiple credit card balances, loan payments, or lines of credit? Debt consolidation can combine these into a single monthly payment—often at a lower interest rate.
What Is Debt Consolidation?
Debt consolidation means merging several debts into one loan, usually with better repayment terms. This helps reduce financial stress and makes your budget easier to manage.
Types of Debt Consolidation
- Personal Loan: Unsecured loan to pay off high-interest debt
- Home Equity Loan: Borrow against your home at a lower rate
- Balance Transfer Credit Card: Move debt to a low- or 0%-interest card
- Debt Consolidation Program: Work with a non-profit or financial advisor
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Benefits of Debt Consolidation
- Lower your overall interest rate
- One monthly payment instead of several
- Improve your credit score over time
- Reduce stress and risk of missed payments
Is It Right for You?
If you have steady income and are overwhelmed by debt from multiple sources, debt consolidation may be the solution. Speak to one of our licensed mortgage broker to explore your options.