What is debt consolidation plan?
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. In addition to streamlining your debts into a single payment, a debt consolidation loan may also offer you an interest rate that is lower than that charged by your creditors saving you money in interest charges. This option can be especially attractive if you have outstanding debts at a relatively high rate of interest
It does not cost anything to apply for a loan in order to consolidate all your debts. However, a fee may be charged to open your file.
Inquire today for Smart Advice at 604-825-8219