Consolidating debt canada trust
Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.
Many people choose to consolidate debt because of the high interest rates making it hard to pay down the principal balance.
Getting a consolidation loan with a high rate just doesn’t make much sense.
So, if you have bad credit what are your options for consolidating your debt? Transactions are not always black and white, relationships play a big part in a credit union.
That’s why we help businesses and organizations craft customized financial wellness programs, to help employees build financial literacy.
To complete the program, you must make on-time payments each month.By paying off all of those high interest debts with a single low interest loan you can get out of debt much quicker and cheaper.If you have low average to bad credit (below 660 credit score) you may still qualify for a debt consolidation loan but the interest rate will be high.The company you choose to work with will negotiate your interest rate down and set up a repayment plan. You will pay one fixed monthly payment to the consolidation company that is then dispersed to your creditors, minus their fees.One of the advantages of this debt relief program is that you don’t need perfect credit.
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