Consolidating canadian student loans

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For example, the worst-case scenario for the creditors is they force the sale (foreclosure) of the asset to pay back the loan if payments aren’t met.The banks never want to be in this position but with an asset banks feel more comfortable about lending more money to you and earns you an even lower interest rate.This saves you money on interest fees and lets you pay off your loan faster.” With debt consolidation, you essentially ask a creditor to loan you one big lump sum of money to pay off all those small debts.Your new big loan will be a much lower interest rate—saving you thousands of dollars over the next few years.At 4 Pillars, for example, we create strategies to help Canadians restructure over 1 million dollars worth of consumer debt every day.This is a legal and ethical way to get out of your overwhelming debt situation.Thousands of Canadians have used debt consolidation to reduce their debt.

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So debt consolidation can also involve a secured loan against an asset that serves as collateral, most commonly a house.Debt consolidation is one of those terms that Canadians have a lot of confusion about. As the Government of Canada’s Office of Consumer Affairs (OCA) explains, “debt consolidation loan is a loan (usually from a bank) that lets you repay your debts to all your creditors at once.This means that you only have one monthly payment, often at a lower interest rate than you are paying now.Using your house as collateral in debt consolidation can help you negotiate a lower interest rate.With an asset on the table, banks will see you as a less risky investment which means you increase your bargaining power with lenders.

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