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About Debt Consolidation

A debt consolidation loan is a loan that allows you to consolidate all your debts into one affordable monthly payment.

There are numerous advantages to consolidating debt, including:

  • Replacing all your monthly payments with just one payment, making it easier to budget your monthly income.
  • Debt consolidation loans may offer a lower interest rate than the rate you are paying on credit cards, resulting in smaller monthly payments.
  • With a lower interest rate, and/or extended terms, you may be able to reduce your total monthly payments or pay your loan off sooner.

You must observe the consolidation procedure and meet the following criteria:

  • The bank will request a copy of your monthly expenses to determine if you can meet your payment obligations.
  • You must be employed, or have a source of income that will enable you to repay the loan.
  • The filing of a proposal stays all legal actions undertaken or contemplated by unsecured creditors.
  • Your bank may request a co-signor or collateral (house, car, boat etc…).

To find out if you qualify for a debt consolidation loan, contact your bank or financial institution.

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