Licensed Insolvency Trustees
Licensed Insolvency Trustees
Debt consolidation
Are you overwhelmed by your debts? Debt consolidation can help you regain control of your financial situation.
Regain control of your financial situation and simplify your payments
Debt consolidation is a commonly used solution for paying off existing debts by taking out a new loan with a new lending institution. By combining all your debts into a single payment, you can benefit from a longer repayment period and potentially a lower interest rate. This solution can be particularly effective if the cost of borrowing the new loan is lower than that of your old debts.
Frequently asked questions
What is debt consolidation?
Debt consolidation involves combining all your debts into a single payment by taking out a new loan with a new lending institution.
When does debt consolidation work?
When the cost of borrowing the new loan is lower than the cost of paying the old debt. It can also allow you to simplify your payments and reduce the stress of dealing with multiple creditors.
Does debt consolidation affect my credit score?
Yes, it can have a temporary impact. However, by sticking to your repayment plan and adopting good financial practices, you can quickly improve your financial situation and credit score.
Is debt consolidation right for everyone?
It may be an appropriate solution for some people who are over-indebted. However, each situation is unique, and it is important to consult experts to determine whether this solution is best for you.
Meet with an advisor to sort out your debt problems
Are you concerned about your financial situation? Our advisors have several solutions to help you regain peace of mind.
Our qualified team will listen to you and answer all your questions. Call us today!