Area of Law: Credit, Debt and Bankruptcy
Answer Number: 0273
What is debt consolidation?Region: Ontario Answer Number: 0273
Although personal bankruptcy allows you to make a fresh start free of most of your debts, if you have a steady income and a satisfactory credit rating, you may want to consider another option with less serious consequences.
Loan consolidation with bank
You may be able to combine all of your debts into one consolidated loan with either your bank or another financial institution. A consolidation loan is always a good idea because your interest rate will be lower than the interest rate on your credit cards, and you will only have to make one payment on your loan each month instead of many different payments to each of your credit cards.
There are many options to consider when you are in a situation of financial difficulty.
For free information, tools, and help to manage your debt, contact our preferred debt consolidation non-profit agency, Credit Canada Debt Solutions.
You now haveoptions:
- More answers about Credit, Debt and Bankruptcy
- Master List of all other areas of law
- Contact our preferred experts and see who's right for you
- ASK an Expert, submit your question
- Connect with government offices
Was your question answered?