Scott, Pichelli & Easter - Licensed Insolvency Trustee, Hamilton, Burlington, Oakville, Stoney Creek 
Scott, Pichelli & Easter

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DEBT CONSOLIDATION

A debt consolidation loan is a loan that allows you consolidate all your debts into one affordable monthly payment.

 

What is debt consolidation?

A debt consolidation loan is a loan that allows you consolidate all your debts into one affordable monthly payment.

What are the advantages of a debt consolidation loan?

  • Replace all your monthly payments with just one payment, which should make it easier to budget your monthly income.
  • Debt consolidation loans may offer a lower interest rate than the rate you are paying on credit cards, which will result in smaller payment each month.
  • With a lower interest rate and/or extended terms, you may be able to reduce your total monthly payments, or pay your loan off sooner.

 

How to qualify for a debt consolidation loan?

You must meet the following criteria:

 

  • The bank will request a copy of your monthly expenses to determine if you can meet your payment obligations.
  • You must be employed, or have a source of income that will enable you to repay the loan.
  • Your bank may request a co-signor or collateral. (house, car, boat etc..)

 

What is the next step?

To find out if you qualify for a debt consolidation loan, contact your bank or financial institution.

 

 


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