Consolidating canada

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Another possibility is a debt consolidation program, such as a debt management plan or consumer proposal.A debt consolidation loan is a personal loan that allows you to consolidate your credit card debt, line of credit, car loan, and similar debt, into a single loan.

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This option can be especially attractive if you have outstanding debts at a relatively high rate of interest (for example, those charged on some retail store cards or credit cards).A debt consolidation loan is a single loan (generally from a financial institution) that allows you to repay your debts to several or all of your creditors at once.You are then left with only one outstanding loan — to the financial institution.This should not be relied upon as specific financial or other advice.Actual results and loan or line of credit payment amounts and repayment schedules may vary. Applicants must meet CIBCs lending criteria; all personal lending products are subject to credit approval. Products and their interest rates may change at any time without notice.

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