Consolidating debt without a loan
In this case one of our Credit Counsellors can help you look at other debt consolidation options.Related: More information on how a debt consolidation loan works Home equity is what’s left when you subtract what you owe on your house from what it’s worth.Or, it might make sense to consolidate high interest rate debts into one monthly payment with a lower interest rate.However, if your credit rating has gone down because of your debts, you may have difficulty applying for a loan.If you consolidate student loans, you have other options.
This allows the debtor to make a single regular payment, rather than several smaller ones.
Some people think of home equity as how much they’ve paid off on their mortgage.
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.
Rather than using credit that never really has to be paid off to consolidate your debts, our experienced Credit Counsellors will help you look at all of your options.
Having a loan or repayment plan with one monthly payment that fits your budget will let you pay all of your debts off and get you back on track with your finances.If you’re stressed and having trouble paying your debts, get help sooner than later.