Our goal is to provide you with expert advice about your debts so that you can resolve your situation successfully.
If you’re stressed and having trouble paying your debts, get help sooner than later.
Our appointments are either in-person, in one of our offices, or over the phone; whatever is easier for you.
However, by doing that, you run the risk of never paying your debt off.
Rather than using credit that never really has to be paid off to consolidate your debts, our experienced Credit Counsellors will help you look at all of your options.
A Debt Management Program (DMP) is a way of consolidating your unsecured debts without borrowing more money.
It allows you to get out of debt by making one monthly payment that fits your budget.
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.
Before you increase your mortgage to deal with your debts, take out a second mortgage at a higher interest rate, or apply for a home equity loan, talk to one of our experienced Credit Counsellors.
There are likely other options you may want to consider as well.
The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.
Consolidation works best when your ultimate goal is to become debt-free.
However, if your credit rating has gone down because of your debts, you may have difficulty applying for a loan.