It is not always easy to get by each month. There are times when paying all the bills is not possible. But if one could lower the monthly payments by just a little, life might be a lot easier. If this sounds familiar, debt consolidation might be the best strategy to employ. Though there are plenty of ways to go about doing just that, each person's situation may best fit a particular method.
Using the home to take out an equity loan is one possibility. If one's credit scores are good and the home has a reasonable amount of equity, a lender may be willing to approve a loan. The resulting line of credit or actual loan can then be used to pay off all other creditors so that one lower monthly payment replaces various monthly payments.
Unfortunately, many people are not in a position to take advantage of this kind of loan. Other options to consider might involve credit cards that offer special balance transfer promotions. Some cards will give lower interest rates to consumers who transfer balances to a given credit card. The low rate period is generally not for an extended amount of time, but the resulting lower payments can provide some temporary relief.
Other consumers may want to consider a personal loan. The rates for this type of loan can vary depending on the lending institution and the consumer's credit rating. The amount of the loan, in some cases, may be limited so that consolidating all debt is not possible. Again, it depends on the bank, consumer credit standing and the dollar amount of the combined debts.
Once a consumer has started missing payments, some of the previously mentioned options are no longer viable. But that does not mean that solutions are not available. Missing payments can lead to increased interest rates, higher monthly bills, and ultimately more stress. If this is happening, it might be time to consider consulting with a credit counseling agency.
Credit counsellors, for example, advocate on behalf of a consumer and work with most or all of that consumer's creditors. The objective is to reach agreements with all of the creditors so that the consumer is paying one consolidated debt at one lower monthly payment. From the point of agreement, the consumer only services one single lump sum debt.
An added feature of may credit counselling services is that the negotiated lump sum total may be lower that the combined debts previously were. Counsellors may get creditors to forgive accumulated late fees and amassed extra charges, for example. In the end, what is owed might be notably lower. The benefit to the consumer, as with other methods, is a reduced amount that has to be paid out each month.
Now is as good a time as any to start to assess one's debt situation. Regardless of the level of severity of one's economic struggles, debt consolidation Toronto in one form or another might be something worth considering. Whether it is a prudent financial move or something born out of desperation, the positive effects of doing it is incentive enough for many people.
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InCharge Canada is a non-profit credit counselling agency providing debt consolidation Mississauga and credit counselling Ottawa to help you recover your financial independence.
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