2026-06-17
How to improve your savings: Two tips from my father
Money wasn’t something my dad talked about very much when I was growing up. However, he did have a couple of expressions he would share repeatedly over the years.
Debt Consolidation
If you’re tired of juggling debt payments, a debt consolidation loan can take the guesswork out of paying bills on time and may make budgeting for repayment easier. With debt consolidation, all of your debts are combined into one overall loan provided by your bank or financial institution.
If you are approved for a debt consolidation loan, the financial institution will provide you the funds to pay your creditors. You will then pay the financial institution one monthly payment, generally at a lower interest rate than your credit card debt. Keep in mind you must first qualify for this type of loan. A financial institution will sometimes require you to have a co-signer or someone to guarantee your loan, which may be your biggest obstacle in obtaining a consolidation loan.
A second mortgage is a type of debt consolidation loan. If you have equity in your home, you may be able to refinance your current mortgage or obtain a second mortgage to consolidate all of your debts into one monthly payment with a lower borrowing cost.
A debt consolidation loan may be a good choice if:
- You have a decent credit score to obtain the loan
- Have someone available to co-sign your loan if required
- Your monthly budget allows you to make the monthly consolidation loan payment
If you don’t have a strong credit rating or would be unable to keep up with your consolidated loan payment, it’s time to look at other options. Speak with one of our local Licensed Insolvency Trustees to determine whether a debt consolidation loan or perhaps a Consumer Proposal is the answer for your debt challenges.
Life-Changing Debt Solutions is about finding the best choice that will work for you.
Latest Blog Posts
2026-06-11
Life after debt: What’s next and how to avoid repeating debt
What happens after a Consumer Proposal or a Bankruptcy? These steps can help you rebuild your credit rating and manage your credit effectively.
2026-06-09
What happens if I owe tax debt to the CRA?
It can be overwhelming to find out you owe the CRA a large amount of money. These debt relief options can help you regain control of your finances.
