Consolidating debt ontario
According to the Government of Canada, “this option [debt consolidation] may be suitable for debts such as those relating to credit cards, public utilities or other consumer loans.
However, not all debts can be combined into a consolidation loan — a mortgage cannot be included, for example.” As I explained, debt consolidation combines your smaller loans into a larger loan with the goal of getting a lower interest rate.
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And when it comes to debt, things become really murky. I’ll answer the questions I hear all the time from 4 Pillars clients including: Debt consolidation involves taking out one big loan to pay off many small loans.Debt consolidation is about increasing your leverage with the primary goal of lowering your interest rate.The interest rate charged by a financial institution for a personal loan is usually lower than the rate charged for a credit card.At 4 Pillars, for example, we create strategies to help Canadians restructure over 1 million dollars worth of consumer debt every day.This is a legal and ethical way to get out of your overwhelming debt situation.