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Debt Consolidation Blog Articles

Interest Rates for Debt Management Programs

Debt Management Program interest rates are lower than credit card interest rates and in some cases, they are completely removed. This is one advantage of working with a reputable non-profit credit counseling organization, like the Credit Counselling Society. Creditors will accept your DMP and allow you to make monthly payments to eliminate your debt. If you choose a for-profit credit counselling company, the same scenario may not happen.

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Published on: October 15, 2015

Debt Consolidation Review Canada | What is Debt Consolidation?

Put simply, debt consolidation can be broken up into two words in order to give the most accurate definition. To “consolidate” means to “put things together.” In terms of consolidating debt, it means taking two or more separate debts and putting them together into one new debt. There are different ways of consolidating debt. Some require borrowing more money; others use money you’ve already got to pay back part of what you owe.

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Published on: June 18, 2012

How to Choose the Right Debt Consolidation Option

Choosing the right alternative out of the many debt consolidation options can be difficult, especially given how stressful it is to deal with debt to begin with. You want more than just a quick-fix. You need a debt solution that will help you deal with the debt you have right now, as well as help you stay out of debt in the future. Nothing would be worse than spending a few years making payments on a consolidation program now, only to struggle again a few years later with the same problem.

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Published on: June 17, 2012

What is a Debt Consolidation Loan?

You have heard the term, but may still wonder what is a debt consolidation loan exactly? A debt consolidation loan is when you borrow money to pay off other debts. For instance, you may owe money on a few different credit cards, on your overdraft or even for a personal loan. If you qualify for a consolidation loan, your lender will give you the loan, on the condition that the money gets used to pay off your other debts. They will often even process those payments for you. In return, you agree to close those accounts (e.g.

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Published on: June 15, 2012

Common Debts People Are Looking to Consolidate

To get by during a difficult time, or to make ends meet, people rely on many different types of credit. They use their line of credit to pay off their credit cards or they use their overdraft to pay for living expenses. Other times, someone will refinance their mortgage to pay off other debts, like their car loan, line of credit or government debt. If someone has been turned down for a loan by their bank, they might have even used expensive payday loans to get by.

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Published on: June 12, 2012

Credit Card Debt Consolidation With a Low Interest Credit Card

Is this method of consolidating debts a good idea?

If you are considering using a credit card as a debt consolidation option here is what you need to know. A low interest credit card often comes with strings attached, so be very cautious if you’re considering applying for a new credit card to consolidate debt. Read and understand the fine print to make sure that you are aware of all of the terms and conditions before you do this.

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Published on: June 9, 2012