No matter how hard you work, there may come the point when it feels as if your finances are spiralling out of control. If you are struggling to pay your bills and balance your monthly budget, then it might be time to consider debt consolidation. These services are going to take some weight off your shoulders so that you can begin making progress toward your financial goals once again.

The Basics of Debt Consolidation

According to the CBC, nearly half of all Canadians are $200 away from financial insolvency, and that can put quite a bit of stress on a family. With debt consolidation services, you will apply for one large loan that covers all of your existing smaller debts. That new loan should have much lower interest rates and a manageable payment plan. You can consolidate many different types of debt, including credit cards, car loans, student debt, CRA tax debt, and home loans.

Benefits of Debt Consolidation

• Single Monthly Payment: Simplify your monthly budget by paying off your primary debts with a single payment each month.

• Avoid Aggressive Lenders: If you are tired of getting calls and letters from aggressive debt collectors, then these services might be right for you.

• Save Money: One of the biggest benefits of debt consolidation is the ability to save more of your money by lowering your interest rates.

• Boost Your Credit: Missed payments can wreak havoc on your credit score, and that is going to impact your ability to get loans in the future.

• Quickly Dissolve Debt: No one wants to be struggling with debt for years, and consolidating your debt could help you achieve financial freedom relatively quickly.

Lending Requirements

While debt consolidation is a great option for many people, there are some requirements that you should be aware of. In order to do a debt consolidation mortgage, you will need to be the primary owner or co-owner of a house or condo. That property must also be in a municipality that has over 5,000 residents or within close driving distance of a major urban centre. The lenders are going to take a look at your income as well, and you will need to have proof that you filed your personal income taxes all the way up to the most recent year.

What to Expect During This Process

The first thing that you will need to do is call our office and schedule a confidential call. During that call, we can assess your financial situation and speak with you about your long-term goals. You will then be presented with a few different options, and you can choose which path to take.

Where to Go From Here

If you are a resident of Canada and are tired of dealing with overwhelming monthly bills, then it might be time to take a closer look at our debt consolidation services. You could begin the process of rebuilding your finances in a matter of weeks, and our team is going to help you through every step in this process.