With debt consolidation, you combine your debts or take out a loan and pay them off, leaving you with one monthly payment. This not only helps you save money on interest and pay off your debts faster, but only making one payment a month can help alleviate stress.
When you find yourself paying several lenders, and it seems like your whole pay cheque is being sent out quicker than you receive it, you might want to consider a debt consolidation loan.
Consolidation loans are a great way to manage your debt. The problem is, they are hard to get approval for. If you qualify for a consolidation loan, it will allow you to:
If you carry around a credit card or two, like most Canadians, it’s not necessarily a problem. Credit cards offer convenience and flexibility, and used correctly, can help you build a good credit rating as well.