Where Can I Find the Best Debt Consolidation Loan in Canada?

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Nobody likes being in debt, but for most it’s a part of life.

There are bills to pay, cars to fix, medical emergencies to deal with, children to feed – you name it, there’s a bill for it. And the worst part? Even if you don’t add another cent to the debt, it will keep growing because of the interest rate on each bill’s monthly payment.

But don’t let visions of high interest credit cards and out of control credit card debt scare you – there is a solution.

It’s called debt consolidation, and if you have a mountain of bills to pay that never seems to get smaller, then it’s time for you to get yourself some debt relief now. You can lower your monthly payment on your credit card and get a lower interest rate – all by getting a debt consolidation loan in Canada right away.

A Common Problem

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You may feel like debt relief is impossible, or that your credit score will never improve, and that the bills on your credit cards will never be payable. However, you’re not alone!

In what is a very sobering statistic, Statistics Canada recently showed that household debt has been growing faster than income, with Canadians owing roughly $1.79 in for every dollar of household disposable income in the fourth quarter of this year.

If you’re struggling to pay any number of bills, from credit card debt to student loans, debt consolidation can be a lifeline that helps you out enormously.

What is Debt Consolidation in Canada?

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The concept is simple to understand. When you have multiple debts owing to multiple parties at different interest rates, and when it seems unlikely that you will be able to pay them all back in a reasonable amount of time (or at all), debt consolidation can help you, and it can help your creditors.

A lending company – sometimes a bank, sometimes a friend, or sometimes an alternative lender – will lend you money to pay off all of your debts in one shot. The new lender will package everything you owe into one single debt, and then offer you lower interest rates than you were previously paying. In this case, everybody wins.

Not only do you get to refinance your debts so they can be more easily paid over time, but the multiple creditors can stop chasing you to pay them back, and the lender that helped you consolidate your debt is now the owner of your new consolidated debt.  

You’ll now be paying them monthly payments on your newly consolidated debt, which is what they get out of the deal. To sum up, by taking out an debt consolidation loan you can:

  • Combine all your debts together into one place
  • Simplify your repayment by having your combined debt in a single place
  • Pay a lower interest rate on your monthly payments

Debt consolidation can improve your financial situation in a hurry. After all, who needs out of control credit card balances? Who wants to barely get by paying the minimum balance on credit card debt?

For those that can find the right lender, one that structures your debt consolidation loans in a way that makes sense for you, you’re on your way!

Get Your Finances Back on Track Without Banks

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A debt consolidation loan can come in many forms.

In Canada and around the world, the lowest interest rates you can pay on debt consolidation loans usually come from banks. However, not all banks will give you a debt consolidation loan if they feel you are too risky of an investment.

This can occur due to a number of circumstances including a poor credit score, an uncertain employment outlook, the amount of collateral you can offer, the sheer size of your unpaid debt, or other factors.

So what can you do if a bank rejects your request for a debt consolidation loan? You can reach out to an alternative lender!

The Advantages of Alternative Lenders

The biggest advantage of using an alternative lender is that they are not like the banks.

Alternative lenders may charge higher interest rates for their services because of the increased risk of lending to someone in debt, but if you are committed to paying off the debt in a responsible way, they have the experience to successfully tackle your financial issues, no matter your credit score.

Companies like Burke Financial will take your call, consider all the factors in play, and then work with you to structure a realistic plan that is designed to succeed. They will help you consolidate your debts in such a way that you can pay it all off in a short time, the length of which will be determined by your particular situation.

If you live in Canada and need help to consolidate your debts, they can put together a plan for a debt consolidation loan tailored specifically to you, and they can help you today!

Debt consolidation loans can get you the debt relief you’ve been looking for, help you avoid pesky collection calls, simplifying your life by creating one easy monthly payment, give you access to the professional advice you need to work through all the details, and even help you build a monthly budget to get you there!

For debt consolidation loans and expertise that really works, try reaching out to Burke Financial today. You’ll be glad you did!

Contact Burke Financial Today

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