Debt consolidation is an outstanding service that allows you to trade high-interest debt for a loan at a lower interest rate.
How to do a debt consolidation loan?
The best way to assess if you can benefit from a consolidation is to ask yourself the following questions: Do you have unpaid credit card accounts? Do you owe money to your phone company? Do you have unpaid interest rate accounts? Whether you have a high interest account or several lower interest accounts, you can try https://dedebt.com for free and enjoy debt consolidation. You could save thousands of dollars in interest payments and could lower the amount of your monthly payments, be less stressed with your budget and live your life peacefully.
If you have real estate equity
If you have a real estate equity, you can use it to get a loan or refinance your mortgage and repay your debts at high interest rates. If you are in a financial stalemate and see that it could get worse soon, but your credit rating is not affected yet, we recommend that you think seriously about the decisions to be made. If you believe that you could benefit from debt consolidation, use the equity of your home and your current good credit to repay your debts at high interest rates. Real estate loans and home equity loans are currently at their lowest and banks offer rates as low as 3%. Enjoy it today.
What types of loans can you get in order to consolidate your debts and maximize your real estate equity? You could take a home equity line of credit, a second rand mortgage, refinance your mortgage or apply for a debt consolidation loan.
However, we do not all have a good credit rating. If you have real estate equity but a bad credit rating, you still have several options. You can find financing through private lenders. This option is not widely known, but it is a frequent alternative for many individuals who can not be financed by banks and to pay off these high-interest debts.
Despite the fact that interest rates will not be as low as those of a traditional loan, private lenders may be able to get you rates between 8 and 10%. This is considerably lower than the general average of credit card or cell bill rates between 20 and 30%. Thus, a private loan would be of great benefit to you.
Note: If you have a bad credit rating, you could still benefit from a debt adjustment. You can negotiate with the institution to which you owe money for a decrease in your debt. If your debts have been transferred to a collection agency, you can settle this debt with a secured private loan with the equity of your home and thus repay your debts at high interest rates.
In summary, if you have high interest debt, but also have real estate equity, you can use this equity as a fund to pay off your debts. You will benefit from a reduction in the interest rates of your debts to repay AND your monthly payments.
If you do not have real estate equity
There are also different options for people who do not have real estate equity. Debt consolidation plans can help you through your financial deadlock and Credibec can find them for you. If you run into debt and do not find a solution to your problems, a consumer proposal or bankruptcy could be your solution. Bankruptcy is generally a last resort, but thousands of Canadians apply for it every year.
How can we help?
Quebec Loans can help you with debt consolidation and find you financing through conventional or private lenders. Talk to a representative and take your first step towards a better financial future.