You may want to apply for a consolidation loan if you’re struggling to make your minimum monthly payments on your credit cards, line of credit or overdraft.
Or, it might make sense to consolidate high interest rate debts into one monthly payment with a lower interest rate.
We’ve noticed that a number of debt relief and debt consolidation companies are advertising that they offer a “government approved” credit card debt consolidation program.
We think it’s important that you know what is misleading about this claim and what programs are available that have a connection to the government at some level.
Our appointments are either in-person, in one of our offices, or over the phone; whatever is easier for you.
The appointment doesn’t cost you anything, it’s completely confidential and without obligation.
However, all have now abandoned it except for Alberta.
In Alberta, Money Mentors, a non-profit credit counselling service, administers the program.
Not only does it help with debt management, but it can also save you money!
This way, you only have one monthly payment instead of three.
Advantages of these loans include: Not all debts can be consolidated.
The first thing you should know is that no government in Canada – federal, provincial, or municipal – officially approves any debt consolidation program.
Any company making this claim is embellishing what they are selling and are doing so using a misleading claim.