Consolidating your debt canada
When you begin this process, you set aside funds each month into a separate, insured account.
While you're building up your funds, the company or lawyer you've selected negotiates with your creditors to try to reduce the total amount of debt you owe.
New Era Debt Solutions is another standout company.
It has flexible programs that don’t have a minimum debt requirements.
While having one low rate and one payment is an attractive option, many people end up in similar or worse financial situations when attempting credit card debt consolidation.
According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.
Furthermore, if you have bad credit, debt consolidation loans may come with high interest rates.
Lower interest rates allow you to more quickly pay off your debts.Most often, the required collateral is a second mortgage or a home equity line of credit.This is incredibly risky because if you cannot meet your payments, your home is on the line.These debt relief programs don’t have a negative impact on your credit but may limit your credit options for their durations.
Bankruptcy: This should be a last resort as it negatively affects your credit for many years.
Accredited Debt Relief is an affiliate and offers the same programs.