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The consolidation of debts is a process that lets you unify all your debts into one. Therefore, you will have one monthly payment to your debts instead of several.
Having one low monthly payment is beneficial as the interest in a consolidation loan is usually lower than unsecured debts such as personal loans, credit cards, etc. Meaning that you are saving money by having a lower interest rate potentially paying your debt faster.
To qualify for a debt consolidation it is required that you give some form of collateral. This can be a second mortgage on your house, or a lien against your car, There are also companies that provide loans for consolidation, but be very careful if you take this route.
WE CAN HELP
If your debt problems seem insurmountable – we can help. At CDMP, our Certified Credit Counsellors have the experience and knowledge to help you get out of debt. During your consultation, we will help you understand what your current financial situation is, how best to fix it, and how to move on to a better life. Call us today for a confidential and free initial consultation – 1.800.379.4249!