Understanding Debt ConsolidationWhat is Debt Consolidation?Debt consolidation under 5k isn’t just a financial strategy; it’s a lifeline for those caught in a web of mounting debts. At its core, debt consolidation involves merging multiple debts into a single, more...
Debt review loans are a form of debt consolidation, whereby a debt counsellor will combine your outstanding debts into one monthly payment. This will be payable to your creditors as per an agreed plan and is a great option for people who struggle to keep up with their...
Whether debt consolidation makes sense for you depends on your specific financial situation, including how much you owe and how you manage your credit. The main goal is to reduce your total monthly payment by lowering or eliminating fees and paying off your debts...
A debt consolidation plan involves taking all your unsecured debts (debt not secured by collateral, such as credit cards and personal loans) and rolling them into one lump sum with a single monthly payment and possibly a lower interest rate. This can reduce your total...
Many people never expect to find themselves in debt, but circumstances beyond a person’s control can sometimes result in them falling behind on their payments. When this happens, their creditors may choose to pass the debt on to a collection agency to try to recover...
If you have fallen behind on your debt payments, there are ways to get back on track. But if you don’t, you could be confronted by a collection agency that seeks to collect on the debt. There are more than 7,000 third-party debt collectors operating in the United...
A debt consolidation loan rolls multiple balances into a single, new one that typically has a lower interest rate than those on your existing debt. It also comes with a set repayment schedule, which can help keep you motivated to pay it off. However, it can backfire...
A debt consolidation loan turns multiple debt payments into a single monthly payment. The goal is to pay off the loan and reduce or eliminate your debt balances. While this method may seem like a quick fix, it’s important to consider how consolidating loans can...
If you are over-indebted, it is likely that your debt will be causing you stress and you may be wishing for relief. One option to consider is debt review - or debt counselling - which is an agreement between you and your creditors that you will pay a consolidated...