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Debt Consolidation- What is it?

Debt consolidation is a form of debt relief often used to avoid failing to pay interest on existing debt. It is commonly used by people in order to pay off loans or eliminate their own credit card debt. The act of debt consolidation usually requires the debtor to take out a new loan in order to help pay off a previously existing loan. Essentially, debt consolidation allows for someone to pay off multiple different debts at a time, by shifting them into one debt for them to focus on. Taking multiple different debts and shifting them all into one main focus can help the debtor relieve some stress by not having to worry about multiple companies coming after them for money owed.

Close the Books on Older Debts

Here at, we look to point consumers to reputable trustworthy companies who can help them achieve their debt consolidation goals. One of the main advantages of debt consolidation is that doing so can help you close the books on older debts. Being able to pay off your current debts gives you a better reputation and lets other creditors know that you are able to pay off your debts in the event of you needing a financial loan again. Debt consolidation also allows you to reassess and organize your financial planning by moving multiple loans with interest rates that vary, into one main payment that you can put your attention into.

Avoid Bankruptcy

Being able to consolidate your debt allows you to gain better control of your finances, which can then help you avoid bankruptcy. Most people use bankruptcy as a tactic to prevent collectors from coming after them about debt owed. Filing for bankruptcy can ruin your credit score and stay with you for up to nine years after your initial filing. The effects of bankruptcy include the possible loss of your property and other personal possessions.
Bankruptcy could also ruin your opportunity of getting jobs in the future as well as obtaining a mortgage loan. In other words, filing for bankruptcy can be a ripple effect that ends with you in an even worse financial position than you were in originally. By consolidating your debt, you can avoid having to deal with bankruptcy and make progress in the direction of improving and stabilizing your current financial situation, instead of digging yourself into a deeper hole.
If you’re suffering from debt and are interested in learning more about how debt consolidation works in Canada, feel free to fill out our contact form, and we will be sure to refer you only to companies who we know, like, and trust. If the company does not pass our standards of client care, we refuse to refer Canadians to them. There are many companies out there who claim to be able to help you deal with your debt. Although these companies may be able to help you, there are always questions such as “Is ‘said’ company your best option, or are there better solutions out there?” and “How does this company get paid? Are they incentivized to put me into a consolidation plan that is less than ideal for me?”. These are legitimate questions, and quite frankly they are universal questions for any transaction. We have helped Canadian families and businesses since 2010, find solutions to their debt burden. That is what we are here for, it is why we exist. Our mission is to make sure that Canadians end up in front of companies who are going to work with them to offer the most ideal options available for their given situation. We no longer take on clients directly, but with our nationwide industry experience, we have a really good idea who might be able to truly help. There is no risk to the consumer. We charge nothing for this service. If you don’t like the company we refer you too, then let us know, and also let us know why. You are free to shop around. However, we have been around the block a time or two and are confident in our abilities to direct you to the right place.

Debt Consolidation - What is it?

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