If you do enter
into a debt consolidation agreement with a consumer credit counseling service, they may be able to negotiate lower payments, interest rates, and fees to achieve affordable payments.
Aside from the free financial training
built into our debt consolidation programs, we offer both free and affordable financial education services to individuals, organizations, businesses, and learning institutions.
By rolling all of your unsecured
debt into a debt consolidation loan, you may be able to simplify your payments and pay your debt off at a lower rate.
Once we understand your situation, you can either
enrol into a Debt Consolidation Program, or we can help you through alternative measures that suit your finances, needs, hopes and dreams.
I
go into debt consolidation in detail in this separate post, but it usually comes in the form of an unsecured personal loan from a bank, a credit union, or an online lender.
V. Abstinence from fresh loans — After being formally
inducted into a debt consolidation program, you'll be under the debt relief service provider's obligation to abstain from taking out fresh loans.
Our counsellors will help determine whether your best first step is
enrolling into a Debt Consolidation Program, paying off a few of your smaller debts, negotiating with your creditors, or something else entirely, such as:
After spending several years working with the consumer finance sector, they determined that merely consolidating high amounts of unsecured
debt into debt consolidation loan didn't solve the fundamental problem — too much debt to begin with!
Although you can include various types and amounts of debt
into your debt consolidation loan during the consolidation process, one debt that is very popular among borrowers and debtors to include is credit card debt.
If you continue to overspend with credit cards or take out more loans you can't afford, rolling
them into a debt consolidation loan will not help.
I included a list of references below to articles that I found helpful as I looked
into debt consolidation.
If you have a number of different loans, each with its own ugly interest rate, you might want to look
into debt consolidation.
You're up
into the debt consolidation loan range, and again if I can't afford $ 1,000 or $ 900 or $ 600 or $ 700 then I've obviously got a problem which is why people come to us and we talk about the, you know, on this slide, the final option which is a consumer proposal.
If you've looked
into debt consolidation and you're unable to get decent payment terms and interest rates, there are other options that could work better for your circumstances.
My husband and I have been looking
into debt consolidation, and I am so glad that I read this before we did anything.