consolidating debt in canada

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Consolidating debt in canada

Some people choose a credit card balance transfer, a debt consolidation loan, or a home equity loan, but these often require good credit or high income, and some can actually dig you deeper into a financial hole. One option providing debt relief for Canadians that genuinely works is a Debt Consolidation Program. A Debt Consolidation Program is an arrangement made between you and your creditors through a non-profit credit counselling agency.

Working with a reputable, non-profit credit counselling agency means a certified Credit Counsellor will negotiate with your creditors on your behalf to drop the interest on your unsecured debts, while also rounding up all your unsecured debt into a single, lower monthly payment.

These debt payment programs lead to faster debt relief! If you choose a Debt Consolidation Program as part of your debt management plan, it takes care of your unsecured debt. This includes credit card debt, payday loans, unsecured lines of credit, and other unsecured loans.

Take command of your money through a positive attitude and powerful tools! You'll discover how to:. How much money could you save in a Debt Consolidation Program versus managing debt on your own? Check out our Debt Consolidation Calculator to find out now!

Try Our Debt Calculator. At Credit Canada Debt Solutions, we welcome anyone in Canada who needs advice on how to best handle their money and reduce or eliminate debt to experience true debt relief. Our clients come from all walks of life and are eligible for help, regardless of their income level or employment status. Once we understand your full financial situation, you can either enroll into a Debt Consolidation Program or we can help you explore alternative solutions, like securing a debt consolidation loan that will suit your unique financial situation, needs, hopes, and dreams.

A debt consolidation loan is a money management tool that allows you to combine or consolidate your unsecured debt into a single loan from a single lender—helping you experience faster debt relief by gathering the combined sum of your unsecured debt into a single loan with a set interest rate. Should you sign up for a Debt Consolidation Program, or take out a debt consolidation loan?

Should you consider a consumer proposal, or just manage your debt on your own? Take our free Debt Assessment Quiz to find out. Paying down debt through a Debt Consolidation Program might be something that works for you. And, by only having to make one monthly payment, life gets a whole lot easier! Ready to reduce or eliminate debt? Start your journey towards debt relief today!

Our Credit Counsellors will give you everything you need to set yourself up for a bright financial future. Credit counselling through our Debt Consolidation Program brings benefits that can impact your entire life. It can help you control your debt and teach you good money management skills — like how to budget, control spending , and reach goals.

A debt management plan is not just about crunching numbers. Debt consolidation is the process of combining multiple debts into one. There are a variety of debt consolidation options. There are a variety of debt consolidation options, including a credit card balance transfer, a debt consolidation loan, a home equity loan, or a Debt Consolidation Program DCP. Each can be used as help paying off debt.

A Debt Consolidation Program is an arrangement between you and your creditors facilitated by a non-profit credit counselling agency that works on your behalf. The debt consolidation services agency will negotiate with your creditors to reduce or stop the interest on your individual debts, and then roll all your debts into one lower monthly payment. Yes, you can sign up for a Debt Consolidation Program even if you have bad credit.

Your credit score will not impact your ability to get debt help through a Debt Consolidation Program. Bad credit can, however, impact your ability to get a debt consolidation loan. However, Debt Consolidation Programs can be completed within years. Most clients can often complete the program and be debt-free in 3 years.

If you enter a Debt Consolidation Program, you will have to refrain from using credit, which includes credit cards; however, you can still use a secured credit card. Most people entering a Debt Consolidation Program already have a low credit score. While a Program could lower your credit score at first, in the long run, if you keep up with the Program and make your monthly payments on time as agreed, your credit score will eventually improve.

The money you save on a Debt Consolidation Program far outweighs these fees. Credit Canada is a non-profit credit counselling agency with more than 50 years of experience helping Canadians find debt relief. We can help you too. Give us a call at 1. Anyone who signs up for a Debt Consolidation Program must sign an agreement; however, it's completely voluntary and any time a client wants to leave the Program they can. Once a client has left the Program, they will have to deal with their creditors and collectors directly, and if their Counsellor negotiated interest relief and lower monthly payments, in most cases, these would no longer be an option for the client.

Wondering how to consolidate your debt? Let our debt experts help! Scheduling a free Debt Assessment is the first step in the debt consolidation process. There are two issues that you need to consider if you decide that a credit card balance transfer is the best option for you. It is possible to make this option work for you at a very low cost. There are balance transfer credit cards in Canada that offer low fees and an interest-free introductory period for new clients.

For a more in-depth look at credit card balance transfers, check out this article. Interest rates are also often considerably lower than with other debt consolidation options. When you use a home equity loan or line of credit to consolidate your credit card debt, it works in the same way that an unsecured debt consolidation loan works. Since a home equity loan or line of credit is secured, should you default, you may be at risk of losing your home. Should I use home equity to pay off my credit card debt?

Find out here. To help determine which debt management option is best for you, click here. Check out this article to learn how paying down debt can positively affect your life. Another great way to offset some of the cost associated with consolidating and then paying down your credit card debt is to sell off assets. Downsizing can be anything from eating out less to selling your house and purchasing a less expensive one.

Obviously, this completely depends on your lifestyle and how much debt you have to pay off. But, if you have a significant amount of debt that needs to be dealt with and selling you house would not only help out with that but make your entire life for manageable, it could be a good option for you.

There are countless reasons why someone might have racked up an unmanageable amount of credit card debt, from irresponsible spending to unexpected expenses. When life happens, sometimes we need to turn to the easiest and most convenient form of borrowing money, our credit cards. Debt consolidation is one of the best options for those who have overused their credit cards, regardless of the reason.

Here are some of the most common reasons why someone might want to consolidate their credit card debt. Will A debt consolidation loan look bad on your credit report? Click here for the answer. The effect that debt consolidation has on your credit score depends on which option you go with. A DMP will remain on your credit report for 3 years following the repayment of your debts in full. Each of the accounts that were part of your DMP will be given a rating of R7 for more information on what this means, check out this article.

Both of these could potentially impair your ability to get approved for loans and other financial products in the future. If you choose to go with a debt consolidation loan or a credit card balance transfer to manage your debt, your credit score will start to improve, not necessarily right away, but with time. Obviously, this all depends on how much debt you need to deal with and what you feel is the best option for your current financial situation.

When credit improvement is discussed, often a great emphasis is placed on history of payment. While it is of course always a good idea to make your payments on time, there is another factor what affects the health of your credit score just as much, yet we rarely hear about it. Its credit utilization, how much credit you use compared to how much you have available to you.

When you consolidate your credit card debt and start to pay it off, your credit utilization ratio will go down and therefore your credit score will go up. If you are currently carrying a lot of credit card debt and want to pay it down once and for all but are afraid of how that will affect your credit score, answer this question.

Is a high credit score really more important than being debt free? Interested in more on this topic? Check out this article. Choosing the right credit card debt consolidation option and then going through the process can seem like a daunting task and we understand why. Debt is not fun. To help ease your nerves and help you make an informed decisions, here are our top credit card debt consolidation tips. The number one issue that the majority of consumers face after they consolidate their credit card debt is creating more debt.

Here are a few steps that everyone, who has just completed their debt consolidation, should take. Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders. Whether you have good credit or poor credit, building financial awareness is the best way to save.

Find tips, guides and tools to make better financial decisions. Despite an ageing population, the labour force in Ontario continues to grow, meaning that, every day, young Canadians join the workforce. Since our la


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Debt consolidation loans are one of popular alternatives to bankruptcy in Canada , but they do have some disadvantages as well. Below is a list of both the advantages and disadvantages of debt consolidation loans. Since with a debt consolidation loan you only have one payment instead of many, there is a reduced risk of being late on monthly payments.

With a debt consolidation loan, you can pay off all of your credit cards at the same time and reduce the high interest you pay on credit card debt : debt consolidation loan interest rates tend to be lower than credit card rates, so you save money and pay off your debts faster.

There will be no negative effects on your credit rating if you make all of your monthly payments on your debt consolidation loan. In fact, since you have reduced your interest payments, it is possible that your credit rating will actually improve as a result of your new debt consolidation loan. High interest loans like these can be used as a tool to get you from point A to point B, but you should do your best to find a better arrangement as fast as possible.

It is very hard to get ahead paying really high interest rates. Now that the global economy has changed, a line of credit may be much harder to qualify for. You can check with your bank or credit union to see what their criteria is.

Usually they want you to have a very good credit score, a good income and hopefully a good, positive net worth but this isn't always necessary. Lines of credit and overdrafts can be secured or unsecured. It depends on your situation and the bank's lending policy at the time lending policy changes from time to time depending on the perceived health of the economy.

A line of credit and an overdraft are essentially the same thing. They both turn your bank card debt card into a credit card so you can spend money you don't have up to a predetermined limit. Just like a credit card, you only have to make a minimum payment each month. An overdraft is usually the expensive form of a line of credit.

Lines of credit on the other had are priced based on the Prime interest rate that the Bank of Canada sets. Your interest rate then "floats" with the Prime Rate. If the prime rate is currently 1. If you can't find a debt consolidation company who will provide you with a reasonable debt consolidation loan you could try to consolidated all of your credit card balances onto one low interest rate card and then aggressively pay off this card by paying a set amount each month that you determine in advance.

From time to time credit cards offer very low promotional interest rates. Some people use these as an opportunity to consolidate their debts. This may work for a while, but the reason why credit cards offer these promotional rates is because most people don't pay off their balances in a timely fashion and end up getting stuck at a higher interest rate when the promotional interest rate expires.

Many credit card companies also offer low interest rate credit cards if you can qualify for one. However, many times people who desperately want them don't qualify because their credit score is not high enough or they have too much debt. If this is your situation there are other options below that may work for you. If none of the previously listed debt consolidation options work for you, then a Debt Management Program may be the right fit for your situation.

A Debt Management Program consolidates all of your credit card payments into one monthly payment. You then make this one monthly payment to a credit counseling organization and they disperse all of the funds to your various creditors. Your creditors have to agree to allow you to go onto this program, but they typically will if a non-profit credit counselor believes that this program is the right fit for your situation and sends them a proposal that demonstrates this. If you enroll in a Debt Management Program all of your credit card debt will be paid off within 5 years.

However, most people pay off their program as fast as they can and the average program is completed in under 3 years. If you work with a reputable non-profit credit counseling organization your interest rates will typically be reduced to either zero or a very low interest rate not all creditors go to zero, but most of the major ones do. For-profit credit counseling companies also try to help people by offering Debt Management Programs, but creditors often don't allow them to offer the same low interest rates that they allow non-profits to offer.

To cover their costs, non-profit credit counseling organizations usually charge small fees for their Debt Management Programs. For-profit companies typically charge a large upfront fee of thousands of dollars for this same service. Unfortunately, many times for-profit credit counseling agencies charge these large fees and then don't provide the same level of service. Reasons for this can include some creditors refusing to work with them, or refusing to allow their clients to receive the same drastically reduced interest rates that non-profit credit counseling services are allowed to offer.

You can also see all common debt relief options below and see how they compare to each other. This is only a high level overview. For more information, speak with a non-profit Credit Counsellor. Click on the chart above to see a larger image. You can then zoom into the PDF that opens up.

Up until October of Canadian debt settlements were primarily done in only one way. If you were having extreme difficulty paying your credit card debts and you happened to receive a large chunk of cash from somewhere, you could contact your creditors and offer to settle your debt with them for less than your full balance if they would accept a lump sum payment. Anyone can call up their creditors and try to settle their debts in this manner but are unlikely to succeed.

The most successful approach is to work with a credit counselling organization. They know what your creditors are likely to accept and what they won't even consider. Because most people don't have a rich uncle or a Fairy Godmother to lend them the money necessary to settle their debts, this isn't a realistic option for most people. However, in October of Canada was introduced to a sensational new way of settling credit card debt that "could work for anyone"--or so the advertisements claimed.

All you have to do is stop paying your creditors, save up your own money and then have an "expert negotiator" work out a settlement for you. Unfortunately, this method doesn't really work--even though American debt settlement companies spend millions of dollars advertising that it does work. After fielding thousands of complaints from angry US consumers and thoroughly investigating the matter, the US government enacted legislation in October to prevent for-profit US debt settlement companies from charging people fees for debt settlement services before providing a debt settlement service.

This is because it takes so long to save for a settlement that credit card interest, late fees and penalties often doubled or tripled the debt by the time it was settled. To make matters worse for those who signed up for these programs, creditors would not stand by and wait while they skipped their monthly payments. They would naturally escalated their collections activities. This could include sending the debt to a collection agency, taking the client to court, seeking a judgment against the client and then garnishing the client's wages or putting a lien on their house.

Unfortunately, many of these US debt settlement companies are now advertising in Canada and are signing Canadians up for these disastrous for-profit programs that are now illegal in the United States. Most Canadian non-profit credit counseling organization are very successful with negotiating debt settlements for the simple reason that they will not agree to negotiate unless the situation makes sense.

All organizations charge a percentage of the settlement amount as a fee to pay for their service. Once a creditor agrees to a settlement amount and you pay it by their settlement expiry date no more interest or fees are charged.

The debt is then legally paid in full as long as you have this in writing. It all depends on the situation. Someone who has become disabled and cannot work again or has suffered a debilitating illness would be an ideal candidate for a debt settlement. However, someone who is just trying to take advantage of their creditors doesn't stand a chance.

A Consumer Proposal is a legal process that can be used to deal with your debts when you don't qualify for a debt consolidation loan or a debt management program and you don't want to go bankrupt. Only Bankruptcy Trustees administer these programs.

With a Consumer Proposal your Bankruptcy Trustee sends out a "proposal" to your creditors asking that they accept payment of less than the full amount of your debt. Creditors who hold at least half of your debts must agree to the proposal for it to work. If enough of your creditors don't agree to the proposal, you need to consider other options to deal with your debts. You may even need to file for bankruptcy. If enough of your creditors do accept the Bankruptcy Trustee's proposal, then you would have the opportunity to repay less than the full amount of your debt within 5 years.

If you aren't able to consistently make your payments on this program, your proposal collapses and you aren't able to file another one. You may then need to file for bankruptcy. If you happen to have family or friends who are willing to lend you the money necessary to consolidate your debts, this can be a great option.

However, if you ask a family member or friend for help, don't take offense if they turn you down. If they lend you the money you need and then unfortunate things happen which prevent you from paying them back, they are left with only two options:. A friend or family member may value your relationship too much to jeopardize it by lending you money. Despite what you may think, they may not feel as though they can comfortably forgive your loan if things don't work out.

Regardless of everyone's best intentions, money can often come with strings attached, and even if it doesn't, in your mind you may begin to see the person differently who lent you the money if you find yourself struggling to make your payments. While borrowing from family or friends may be a great option for some people to consolidate their debts, it may not be a wise move for others even if they have friends or relatives who are willing to lend the money.

If all of these debt consolidation options seem a little overwhelming or if you just want to speak with an expert to find out what is best for your situation, there are two great places you can go and get some free advice. If you don't know who your banker is just tell your bank or credit union that you would like to speak with someone about a debt consolidation loan.

You can then fill out a loan application so that your banker can see what your financial situation looks like. They will then be able to let you know what they can do for you - and talking to your banker is completely free. If your bank or credit union can't help you, don't worry.

You may still have many options that your banker doesn't know about a very large number of bankers only possess expertise about the products and services that banks sell. There are many options that some bankers are only vaguely familiar with because it's not part of their job. Your next stop should be to see a non-profit Credit Counsellor.

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Does Debt Consolidation Really Do Anything?

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Overview of Canada's 8 Debt Consolidation Options · Consolidate using a Debt Consolidation Loan · Consolidate using a Home Equity Loan / Refinance Mortgage. What is Debt Consolidation & How Does It Work in Canada? Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on. In doing this they effectively bring all these debts together into one combined loan with one monthly payment. A debt consolidation loan is a money management tool that allows you to combine or consolidate your unsecured debt into a single loan from a single lender—.