You may find that debt consolidation loans are the best option to help you formulate a path to financial freedom.
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If you have a number of debts, you may wish to merge them all into one loan. There may be a number of reasons why you would wish to do this.
Below are the most common reasons: To learn more about what debt consolidation is and how it works in Canada, click here.
This is usually people’s preferred option since mortgage interest rates are usually much lower than other loan interest rates, and mortgages can be amortized (paid) over 25 years.
Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.
Meanwhile, a system is set up for convenient monthly payments that are fully secure and fully tracked.
But these steps don’t tell the whole story about this debt solution.
Consolidating debt to a single, automated, monthly payment simplifies your borrowing process and allows you to focus on what matters. Debt consolidation saves you time, money and hassle.
A Debt Consolidation Program (DCP) involves your unsecured debt, which may include your credit card bills, lines of credit, unsecured loans – or any other debt that doesn’t require collateral, such as a home or car.