Is consolidating debt a good idea

With an asset on the table, banks will see you as a less risky investment which means you increase your bargaining power with lenders.For example, the worst-case scenario for the creditors is they force the sale (foreclosure) of the asset to pay back the loan if payments aren’t met.You should get free debt advice before taking out a debt consolidation loan.A better option might be a 0% or low-interest balance transfer card.You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.This is the cheapest way if you repay within the interest-free or low-interest period.You’re likely to need a good credit rating though to get one of these cards.Your new big loan will be a much lower interest rate—saving you thousands of dollars over the next few years.Thousands of Canadians have used debt consolidation to reduce their debt.

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  1. We have expert bloggers and articles covering the steps you’ll take, questions, date ideas, conversation tips and much more to help you along the way.