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Not only does it help with debt management, but it can also save you money!
Several forms of debt consolidation are available in Canada.
The most common involves getting a debt consolidation loan from your bank, credit union, or other financial institution.
It simply means getting the most from the money you do have.
We’re happy to help you learn how to do that – and it’s never too late to start.
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If you’re struggling with multiple payments, debt consolidation can help you combine your debt payments into one.
In addition, with multiple payments debtors often rack up a substantial amount of interest when they are unable to pay off each individual debt – whereas with a debt consolidation loan there is just one easy payment, so interest rates will likely be reduced each month.
With a debt consolidation loan, you can pay off all of your credit cards at the same time and reduce the high interest you pay on credit card debt: debt consolidation loan interest rates tend to be lower than credit card rates, so you save money and pay off your debts faster.