Consolidating loans canada

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According to a recent study by Trans Union, there are currently roughly 43 million credit cards in use in Canada.Just in case you were wondering the current population of Canada is around 35 million, this means there are more credit cards in use than people in Canada.This is a great alternative to the options listed above.Speak with a debt specialist from Loans Canada to see what debt consolidation services are most appropriate for your situation.The advantage of consolidating your debt is that usually small loans are obtained at high interest rates, while large loans are obtained at lower interest rates.

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This means you could potentially save a lot of money on interest if you’re able to pay down all your debts within the interest-free introductory period.You can apply for debt counselling services where your debt and its associated interest rates are negotiated down with your creditors.With a lower interest rate and lower repayment amount you will see your monthly payments drop.Suppose you have a set of loans such as loans for furniture, a car and other assets, then you loans are secured by the items you have purchased with your loans.However, if you have a lot of credit card debt then unfortunately your loan is not secured and so consolidating your debt will require some sort of creativity.You’ll work with a creditor counsellor who will: You’ll make your monthly payment(s) to your credit counsellor who will then distribute the money to the appropriate credit card company based on how much you owe and the agreement you came to.

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