Households that have increased their debt become weighed down with doubts regarding their ability to pay what they owe.
Contact several financial institutions before you choose a consolidation loan since the interest rates offered by competing financial institutions may vary.
This option may be suitable for debts such as those relating to credit cards, public utilities or other consumer 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).
Others succeed because debt consolidation is part of a bigger plan to gain control over their finances.
So the first step in debt consolidation is simply to consider whether it will actually work for you.
For example, recent research shows that Albertans are actually saving money at a rate greater than the rest of Canada.
On the other hand, in a study published in June 2011, forty-three percent of the province’s residents reported that their total debt increased during the preceding year.
One of our Debt Advisors will contact you to discuss your options at no cost or obligation to you.