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Is it time to GET OUT OF DEBT? Are the calls from collectors becoming unbearable? Are your worries about debt destroying your health? Have you started missing some payments? Are the banks refusing to lend you money? Have you considered asking friends or family to help with payments or basic living expenses? Have creditors started helping themselves to your pay cheque or bank account? Put yourself back in control TODAY
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What is debt consolidation?
Debt Consolidation is a process that combines your unsecured debts into one monthly payment that is smaller than all your other payments put together. This is often accomplished by obtaining a new loan and using the proceeds to pay off all your other creditors. But it is often not quite that simple. Many people do not find that lenders are willing or able to make this type of loan to individuals with compromised credit and there is always a risk that taking out additional loans often just results in MORE debt rather than the debt-reduction they were hoping to accomplish. Many creditors, realizing that their principle may be at risk when a debtor is over-extended offer interest rate reduction programs on the condition that a debtor enrols in a Credit Counselling program and closes their accounts. Credit and Debt Counselling programs offer budget planning and financial education to help you better understand the risks of carrying unsecured debt. By following our guidelines a person can learn financial disciplines that will help them avoid ever getting caught in the debt trap again. |
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