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Debt Consolidation Loans in Canada

Many people see a Debt Consolidation Loan as a preferred option to deal with their existing, unmanageable debt load. But is debt consolidation the best option to eliminate your debt?

About Debt Consolidation & Consolidation Loans

Eliminate Your Credit Card Debt

  • A debt consolidation loan is a new loan you get from a bank or other financial institution that allows you to use the proceeds to pay off all or most of your existing debts. But your total debt level will stay the same
  • The major advantage is that the interest rate on this type of loan will usually be lower than the interest rate on your credit card loans and this will save you money on a monthly basis
  • Depending on your financial situation, you may not qualify for this type of loan if you have a history of missing payments on your existing loans or the bank wants some new security, like a mortgage on your house, which you cannot provide

Another Debt Relief Option

Debt Consolidation Canada

  • A Consumer Proposal may be a better option for you as it effectively reduces the amount of debt you have to repay. Our experience shows us that people who file a consumer proposal generally re-pay about 30% of their original debt and at the end of their proposal period the balance of the debt is eliminated
  • This means that you have much smaller monthly payments and it allows you to better manage your household finances on a monthly basis
  • If it appears that by using a debt consolidation loan and continuing to make monthly payments you will still be left with a large debt load at the end of a period of time, say 3 or 5 years, then you may have missed an opportunity to significantly improve your financial situation.
  • We will provide a free consultation to review these options with you so that you make the choice that is right for you


Read More About Debt Consolidation

Consolidation Loans – The Harsh Reality

These types of debt worries are why so many Ontarians are eager to obtain consolidation loans to clear up their debt problems. You’ve probably turned on your television or your radio lately and viewed (or heard) an advertisement by a consolidation loan firm. They’re the folks offering low-cost home equity and personal loans that promise to help you pay off your rising debt load.

But what’s the reality of these types of deals? Well, first off you need ... read more about debt consolidation loan here.... 


See How Soon You Can Get Out Of Debt

Debt Relief Calculator

Use the R-Plan Debt Calculator to see how long until you are debt free (excluding mortgages), using various ways of debt relief.

If you have any questions about what to enter or need assistance, please feel welcome to call us at (844) 507-7526. One of our debt relief professionals will be happy to guide you and answer your questions.


Debt Consolidation Articles In The Media

Debt consolidation Canada Government Page

A debt consolidation loan is a single loan (generally from a financial institution) that allows you to repay your debts to several or all of your creditors at once. You are then left with only one outstanding loan — to the financial institution ... more here about debt consolidation Canada


 

How A. Farber & Partners Can Help You to Get Out Of Debt

 

Different people in different situations will require different debt relief solutions. There is no “one size fits all" solution. Before deciding on how repay your debt, you should meet with an experienced debt professional, such as a Licensed Insolvency Trustee, to discuss all your options for debt relief.