Ask the Mortgages and Financing Expert – Milka Lukacevic
Debt Consolidation & How It Can Help You Manage Your Debt
Is debt consolidation truly an option for helping you to become absolutely debt free? It is entirely possible. Consolidation is essentially the process of elimination through combination. This debt solution has worked for many Canadians. It could certainly work for you.
Before you make the leap, however, you will want to understand exactly what debt consolidation involves. You will also want to learn more about what the process will demand of you.
Can Debt Consolidation Help Me Become Debt Free? Many Canadians struggle to keep up with their debt payments. To some, the process is akin to having a teaspoon to save a boat from sinking. Meaning that no matter what you do, the water seems to remain at the same level, and the boat is continuing to sink. Does this metaphor sound like something that matches up your current financial headaches?
This is where the idea of debt consolidation becomes intriguing. For all your Tri Cities Mortgage Broker needs choose a trusted broker, one that will help you get to more manageable debt payments that will actually lead you down the path to becoming debt free. Living expenses, high-interest credit cards, relying on credit/bank overdrafts, an inability to refinance your mortgage, or an abundance of payday loans are all reasons as to why you may need to take consolidation seriously.
Consolidating your debts is more or less designed to simplify things to the greatest possible degree. There are several ways in which you can accomplish this. A debt consolidation loan will often have terms specific to the concept of debt consolidation, and it will give you the money you need to pay off your various debts. However, if your credit rating is in less-than-perfect shape, you may have some difficulty in getting one of these loans. Not to worry, as there are other debt consolidation options readily available to you.
These additional consolidation options include seeking out debt management programs, filing a consumer proposal through a bankruptcy trustee, or talking to your creditors about debt settlement. With the last option, you are essentially making an offer to your creditors to pay back a portion of your debts as a lump sum, with the rest of the debts being written off as something you simply cannot afford to pay. A consumer proposal through a bankruptcy trustee is a possibility, but being approved for such a thing is going to depend on the nature of your debts. Debt management programs exist throughout Canada, and allow Canadians to consolidate their debts without actually borrowing additional money. This is because you will work with creditors to come up with a payment schedule that suits your budget.
Simply put, when it comes to debt consolidation, there is no question that you have options. It`s fnding out what the BEST option is based on the needs and situation of each individual.
In the end, consolidation is an overall concept that is worth taking the time to explore. If you are truly overwhelmed by debt, and you see no way out through natural methods, the options available through consolidation can serve to finally give you the essential breathing room that you have been looking for.
As a Tri Cities Mortgage Specialist , if you own your home and are considering looking at debt consolidation, call Milka at 604-340-7673 and let`s determine if refinancing your home is a better option that could potentially save you hundreds of dollars and consolidate those high interest debts at a much lower interest rate.
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