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If you have multiple debts that have become difficult to keep track of, there are a few different ways to consolidate them into a predictable and manageable monthly payment. Home Equity Loan Also known as taking out a second mortgage, a home equity loan can provide lower interest rates and a way to get a handle on your credit card debt. Line of Credit A line of credit from a bank or credit union can help you pay off high...
If you're feeling overwhelmed by bills, a debt consolidation strategy can help you get organized. Benefits of debt consolidation include: Planning out your finances becomes easier because you only have to make one debt repayment a month. You'll get your debt under control before bankruptcy is the only option. You'll pay off your debt faster by lowering your monthly interest rate and improving your credit over time. High...
A risk to debt consolidation could be premature confidence in your debt situation. You may feel your debt situation is under control, but if you fall back into bad spending habits, you can incur more debts and put yourself at a greater risk. If you are concerned about this, talk to your local Licensed Insolvency Trustee and he or she can come up with a debt repayment plan or recommend credit counseling services to help you pay off your debts effectively....
You can apply for a debt consolidation loan at any financial institution including your local bank, a credit union, or any lender with enough support to finance your loan. If you go with another lender, make sure to provide your monthly budget and a pay stub to show evidence that your income can cover the loan. A co-signer may be required to guarantee your loan. Other documents you may need to bring with you include: Information on assets...

Senior Estate Manager
Servicing Edmonton (Downtown) and 9 other locations
Bankruptcy is a legal process that provides immediate relief from your unsecured debt burden, the most common example being credit card debt. It is important to note that certain types of debt are not wiped out or addressed by declaring bankruptcy, which means it's not necessarily an all-encompassing solution for your financial challenges.

Nicole Polak
CIRP, LIT, CPA, CGA, CFE
CIRP, Licensed Insolvency Trustee (LIT), Vice-President
Servicing Edmonton (Downtown) and 9 other locations
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