Consolidating debt canada td

07-Apr-2020 17:44

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The truth of the matter is that debt consolidation loans are just another name for personal loans and there are two types available – secured and unsecured – with many variations under each category.

A secured debt consolidation loan – just like a secured personal loan – is backed by collateral such as home, car or property and is the easiest route to consolidation.

A debt consolidation loan is financing used to pay off several high-interest debts with one low-interest loan.

It is a strategy to simplify bill paying – and save money -- for consumers dealing with numerous unsecured debts like credit cards, medical bills or personal loans.

Paying off credit cards at a cheap rate is not worth losing a long-term relationship. Personal and debt consolidation loans are different names for the same thing: an unsecured loan that comes with an interest rate based on credit score.

It can be a worthwhile solution for consumers with heavy debt that is spread out over several credit cards.

Consumers will find debt consolidation loans available at familiar places – banks, credit unions, online lenders – but it makes some sense to do research and comparison shop before using this route to eliminate debt.

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To qualify, you will need an excellent credit score (740 or higher) for the best deals (18-24 months at 0% interest) and at least a 680 or higher score to qualify for any of the rest (6-18 months at 0% interest).

The plus side of getting a consolidation loan from a family member or friend is that they are not competing with another lender so they can set the interest rate however low (or high) they want. Whatever the terms, it should be a win/win agreement that serves both sides.