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Welcome to the new home of DebtQuotes.ca where we offer you an outstanding alternative to your debt problems. Many Canadian people that are facing extreme interest rates from overdue credit card bills think that the only solution is to look for consolidation loans. That is not true and is actually a dangerous thing to do....
First off no one is going to lend you money if your credit is bad without some sort of collateral, that’s a fact. The only way you are going to get that loan is to put something of value up to secure your loan. Now what do the lending institutions want to secure the loans??? How about your home! So if you take all of your unsecured credit card debts and put them into a secured consolidation loan using your home as collateral, this is where the extreme danger comes into play. Now if you suffer some sort of financial setback from being hurt or job cut backs and can no longer make the payments, guess what… the lender will take your home!...
No is the short answer. Bankruptcy should only be looked at as a last resort. Declaring bankruptcy will stay with you and your credit report for a very long time, many years in fact. This will make living very difficult as all types of credit will be completely shut down. The simple things like renting a car or booking a hotel room all need some sort of credit or you are out of luck....
Many people have not even heard of this but it is called a loan consolidation service or a debt management plan, DMP for short. These consolidation programs can cut your monthly payments in half as well as get you out of debt in just a few short years. The DMP program providers have relationships with virtually every creditor in Canada and in most cases can get your interest rates cut down to zero. As well they make it very simple as you only have to make one monthly payment to the office and they disperse the monies to your creditors on your behalf. A word of warning is needed here, make sure you are working with a good Canadian company as there are many fly-by-night operators from the USA trying to work up here illegally offering something called a debt settlement program. That is not the same as what we are talking about. In Canada debt settlement programs are part of the bankruptcy act and not to be taken lightly. If you need help give our office a call using the number above or fill out the short form and a counsellor will get back to you. DebtQuotes.ca works with one of the oldest Canadian debt management firms in the country and offers solutions to just about any type of debt problem you could be facing