Is Debt Consolidation a good idea!?

Are you stuck with a debt problem? Our Debt Consultants can help you with the best solutions so that you can live your dreams sooner than ever!

What is a Debt Consolidation Loan?

A debt consolidation loan involves getting a larger loan to pay off several smaller debts such as credit cards, lines of credit, payday loans, and bills for utilities and services that are overdue. It results in comparatively lower interest rates* and a single monthly payment. Since you pay off your regular debts and subsequently have to make only single monthly payments, this is referred to as Consolidation.
*Conditions may apply based on your program, status of your debt and your credit score.

How does debt consolidation benefit you?

Single monthly payment, which is comparatively lower than the combined amount of payments you’re currently making.

Potential reduction in interest based on your credit score.

No more calls from collection agents.

Is Debt Consolidation the best solution?

Well, if we’re honest - not for everyone!

Debt consolidation helps reduce the interest amount but does not eliminate the same. Your monthly payments might still be high, in some cases, depending on your current debt situation.
Additionally, not everyone is eligible for a debt consolidation loan. Your credit score plays a major role in determining your eligibility. Debt consolidation may not be the best option for you. In case you have a bad credit score, other options can be more suitable.

Eliminate Debt and Realize Your Dreams!

As you pay back your debt and take a step toward financial freedom, the lower interest helps you save more. Additionally, faster repayment brings you closer to realizing your dreams. Let’s take a lunge towards a debt-free future, together!

Are you looking for debt relief?

If you’re stressed about your credit card bills, payday loans, personal loans, etc., you’re eligible. Excluding your mortgage and/or rent, your monthly debt payments must not exceed 20% of your income. Otherwise, you’re in possible financial trouble. We, at Debt Mitigation Canada welcome everyone who wants assistance with debt relief.

+1 (416)-814-6024

Call us today for help!

Frequently Asked Questions About Debt Consolidation

The loan consolidation under a debt consolidation program or consumer proposal depends on what creditors agree to. You can consolidate medical bills, credit card debt, unsecured lines of credit, non-government student loans and unsecured personal loans. Any secured loans (mortgage, auto loan etc), government student loans (like Alberta Student Aid or Ontario Student Assistance Program), and any dues owed to the CRA cannot be included in a Consumer Proposal.


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