DEBT CONSOLIDATIONS IN OTTAWA & EASTERN ONTARIO
A debt consolidation is the process of acquiring a loan that will allow you to manage and repay your debts to a large number of creditors at once. By doing so, you may achieve a lower interest rate on your combined debt than you would have to pay if you separated your payments out into smaller amounts. It enables you to simplify your finances into one monthly payment instead of several payments that are typically due on different days. This loan is typically sought from a financial institution, and the amount should be equal to the amount of your total outstanding debts.
At D. & A. MacLeod Company Ltd., our team can assist you with developing a plan for debt consolidation in Ottawa, Smiths Falls, Brockville, and surrounding areas to get finances back on track.
PRACTICALITIES OF DEBT CONSOLIDATION IN OTTAWA
DO I QUALIFY FOR DEBT CONSOLIDATION?
A lower overall interest rate on all your debt, which lowers your monthly payment and total interest and allows you to pay your total debt sooner
Simplifying your finances with a single monthly payment
The ability to keep your credit cards as a back-up in emergencies
A reduction of financial stress if you can make the required payments on time
No negative impact on your credit rating (unless you are turned down for the loan or are unable to make the loan payments); and
You can use your assets (e.g., your home) to reduce your interest rate further.
The greatest risk of a debt consolidation loan is using it to try to resolve financial problems, but being unable to pay and reduce your debt. If you have a variable interest rate or it goes up at renewal, your debt could become unmanageable. With a debt consolidation loan you will find that you must still pay the debt in full and you must be disciplined about making payments. If you are unable to pay, you could damage your credit or the credit of a co-signer over the long term.
If you are in serious financial difficulty, D. & A. MacLeod Company Ltd. may also recommend other debt solutions to get you back on track. In a consumer proposal or personal bankruptcy, for example, a significant amount of your debt will be forgiven once you follow the criteria set by creditors, allowing you to pay less overall. Or, you may decide to try debt consolidation first to see if you are able to manage your debt depending on your circumstances.
CONTACT US FOR A FREE, NO-OBLIGATION CONSULTATION
Our Licensed Insolvency Trustees (LIT) at D. & A. MacLeod Company Ltd. provide assistance with debt consolidation in Ottawa, Smiths Falls, Brockville, Pembroke, Brockville, Cornwall, Kanata, and Kingston. Contact us today online or by phone at 613-236-9111 for a free, no-obligation consultation and let us help you on the road to a new beginning™.