Debt Consolidation

Debt Consolidation in Toronto

You can meet one of our licensed credit counsellors in Toronto in person or have the discussion over the phone – whatever works for you. We offer a free initial consultation. All the information you share with us will remain confidential. Our goal is to help you get the best debt help to resolve your situation.

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What is a debt
consolidation loan?

Having multiple debts that you are unable to pay for month by month can be stressful. That’s why some people consider borrowing money and then using it to pay off all other debts to be left with a single loan that usually offers a lower interest rate. This is known as a debt consolidation loan. Qualifying for this loan may be difficult if you have a low credit score. Are you making several payments to different creditors? Perhaps consolidating your payments into a single payment would be easier and more manageable. There are several options for debt consolidation. At Phong Su & Associates LIT, we can help you review all your options and determine which is best for your situation. If you need help from us, reach out and we will provide you with all the information you need to make a good decision for yourself and your family.

Is debt consolidation a good option for you?

There are many reasons to consider debt consolidation. Do you fit any of the situations below?
If so, debt consolidation may be a good option for you.

01

If you’re looking to lower the amount of monthly payments you make each month to cater to all your living expenses, consolidation could be a good option for you.

02

If you have high interest credit card debt that’s eating into your monthly budget and you can’t afford a bank loan to pay it off, consider consolidating your debts.

03

If you’ve been using lines of credit or bank overdrafts to pay off debts

04

If you’re unable
to refinance your mortgage

05

If you have payday
loans with high interest

06

If you have lost
a portion of or your entire income

How to use home equity to consolidate debts

If you don’t qualify for a debt consolidation loan, you may also consider borrowing against your home equity and using that cash to pay off your debts. However, there are some aspects to consider on when to use your home equity to consolidate your debt. Our credit counsellors will advise you on whether this is a suitable option depending on your unique circumstances.

Using a line of credit or bank overdraft to consolidate debt

Some people also consider using their bank overdraft or line of credit to consolidate their debt into one monthly payment. This is usually a risky move as you may never be able to pay off the debt. At Phong Su & Associates LIT, we consider all options depending on your budget and help you choose the right one that will get you back on track with your finances.

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