Debt Consolidation in Montreal, Quebec
In Canada, there are various ways that you can consolidate your debt.
You can use a loan, take out a second mortgage, use a line of credit or you can even consolidate by using your credit cards.
Each option will come with distinctive pros and cons, but if you want to make the best decision then you need to make sure that you take your time and that you get some advice where possible.
That’s where our Montreal debt advice service comes in.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
What is Montreal Debt Consolidation?
Quebec debt consolidation is where a bank or even a credit union provide you with enough money to pay off your debts.
You will then have them consolidated, or brought together into a single, big loan.
This will usually give you three advantages.
One of them is that you will only have a single payment to worry about.
Your debt will also be paid off in a set amount of time.
Normally this is between 2 and 5 years.
Any fees that are charged for this service will usually be very, very low.
Interest Rates and your Debt Repayments
Credit unions will normally give you the best interest rate if you were to take out a debt consolidation loan.
A lot of factors will help you to get a better interest rate as well, and this includes your credit score, your net worth and if you have collateral.
Advantages of Debt Consolidation in Montreal
There are so many advantages to looking into debt consolidation in Montreal.
One of them is that you will have your entire credit card debt paid off in under 5 years.
You will have very low, or no interest rate and your credit score will usually be repaired within 2 years of finishing your program.
Going through a debt advice service, like Bankruptcy Canada can offer a substantial amount of benefit here.
Here at Bankruptcy Canada, we can lower your stress, while talking you through the basic options that are available to you.
It’s important to know that if you did not consolidate your loan then you may need to make multiple payments to debtors, and this can make it harder to pay off each individual debt.
A consolidation loan on the other hand gives you one easy payment, so the interest rates may even reduce over time.
When you take out a debt consolidation loan you can pay off all of your creditors at the same time and you can also reduce the interest rates that you will pay on your credit card debt.
Debt consolidation interest rates are lower than credit card interest rates and this makes it easier than ever for you to pay your debts faster.
There will be zero negative effects on your credit score if you happen to make all of your payments on time for your loan.
Since you will have reduced your interest payments, you may actually find that your credit rating will increase, and this is fantastic to say the least.