Consolidating your debt canada
This makes the amount of the debt almost double the principle amount and you end up paying much more for the debt over time.
The monthly payment is important but don’t lose sight of the overall cost of borrowing when deciding to accept the loan.
The banks will look at your debt ratio, your income level and your credit score when considering your loan application.
Sometimes, even with a poor credit score you may still qualify if you meet the other lending criteria.
The concept of consolidating your debt to maximize your ability to pay it down more quickly is standard in the debt industry.
Lenders that specialize in hard to approve loans often charge an interest rate that is well into the double digits.Consolidation loans are a great option to get back on track financially but they can also have the opposite effect.