Category Archives: Debt Consolidation

All week we have discussed the benefits of debt consolidation loans in Canada; today we talk about debt consolidation loan scams, and how to avoid them. You’ve seen the offers — ‘real’ debt consolidation programs that offer to reduce your debts with teasers like fast and easy solutions 0% interest… Read more

As we continue our advice about debt consolidation loans, today’s tip is to be careful not to turn unsecured debt into secured debt, unless that’s what you intended to do. An unsecured debt is not attached to an asset; a secured debt is.  Common examples of secured debt would be… Read more

Before you get a debt consolidation loan, do the math.  One of the most common mistakes people make when getting a debt consolidation loan is that they don’t do the math to determine what they will be paying with their new loan. Here are two useful tools to help you… Read more

This week we begin a series on debt consolidation loans. A debt consolidation loan is a loan you get to repay other loans. The most common example would be getting a loan or line of credit from your bank at a 6% interest rate to repay the outstanding balances on… Read more

Question: I can’t find anyone who can offer me a unsecured debt consolidation loan. Banks have said NO …. Wells Fargo said NO … Citifinancial said NO. Where do I go now ? Answer: With the credit crisis it has become increasingly difficult to qualify for a debt consolidation loan. … Read more

Question: Is a Consumer Proposal a better option than debt consolidation with a 2nd Mortgage through a private lender to deal with high credit card debt? Consumer Proposal or Debt Consolidation What  you are comparing are the choices between settling your credit card debt with a consumer proposal or consolidating… Read more

Question: If I’m eligible for a debt consolidation loan will my credit be affected? Debt Consolidation and Credit Score When you apply for a debt consolidation loan a note appears on your credit report that a credit check was performed.  If you get the loan, your credit is not harmed. … Read more

Question: My brother has poor credit and needs to get a loan to consolidate his debts. He has a $10,000 car loan along with student loans that he would like to pay off by getting a personal loan. What would you suggest? He has already been turned down by his… Read more

Question: My bank turned me down for a debt consolidation loan. I don’t understand why. I am currently paying $1,000 per month on my three credit cards. My payment on the debt consolidation loan would only be $800 per month, so if I can afford what I am paying now,… Read more

Once you have made a household budget you can determine if you have enough money to repay your debts on your own. If your budget shows that you are paying a lot of money each month towards your debts, a debt consolidation loan may be the next step towards solving… Read more