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What are Debt Consolidation Loans? If you have several outstanding loans and the interest payments every month are quite high, one easy option is to consolidate several loans into one.
So what exactly does this mean? It simply means putting together multiple loans into one loan. This reduces the overhead, financial charges on multiple loans and bring down the overall cost. Merging multiple loans into one is also known as Debt Consolidation. Not only does this simplify your finances, but you can also use this method to pay off the higher interest loans in one go and cut down your average monthly payment.
One simple way to simplify management of your debt would be to apply for debt consolidation loans. Most banks and financial institutions offer debt consolidation mortgage against a security that does not have a loan on it. A relatively newer vehicle, other valuable assets like a boat, top rated mutual funds or even vehicles like RV could qualify as security for this type of loans.
On an average, banks and financial institutions tend to offer attractive rates for this kind of debt consolidation loans across Canada. As per records in the past decade, banks have charged interest rates between 7- 12% for this type of debt consolidation loan. The rates charged by finance companies, however, could vary between 14% to even 50% if the loan type is unsecured.
Advantages of Debt Consolidation
You might wonder, does it make sense to apply for debt consolidation loans or consolidate all your loans into one?
Disadvantages of Debt Consolidation
There are some disadvantages that you must remember before applying for debt consolidation:
Do you want to start simplifying debt management and hopefully bring down interest rates? Check out our best rates for debt consolidation loans here.
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