To learn more about using home equity to consolidate debts, click here.It can be tempting to use your line of credit or bank account overdraft to consolidate your debts into one monthly payment.
If a DMP is a good option for you, they will explain how it will consolidate your debts into one , how the interest rate is lowered or waived by your creditors and how we will help you successfully complete your Debt Management Program.
Depending on how much equity you have in your home, you might be able to borrow against it and use the cash you get to pay off debt.
There are mortgage rules in Canada about using your home equity to consolidate debt.
There are long term consequences to your credit rating when you have debt written off against you. To find out more of the pros and cons of consolidating debt using debt settlement services, click here.
A legal type of debt consolidation is available in Canada through a Bankruptcy Trustee.
Getting help from us is as easy as giving us a call or chatting with us online.