Debt Consolidation Loan Without Owning a Home

May 21st, 2015 by admin

If you’re having a hard time handling multiple bills, you can consolidate them into one loan

which is payable at a low interest rate. A Debt consolidation loan without owning a home is

available as an unsecured personal loan.

When should you apply for a debt consolidation loan?

You can take out a consolidation loan if you’re in any situation below:

2. You can’t afford to stay current on your bill payments.

3. You’re planning to consolidate most of your bills into one easy payment each month. .

4. You cannot negotiate lower interest rates with your creditors.

What do you get from unsecured debt consolidation loans?

Unsecured debt consolidation loans have five major benefits:

1. Consolidate bills: Taking out a debt consolidation loan without owning a home can eliminate all your unsecured debt. This includes credit cards, personal loans with revolving interest, and medical bills. You’re then left with a single loan, which you’ll pay through an affordable payment plan.

2. Eliminate collection calls: With the help of debt consolidation loans, you can avoid receiving harassing phone calls from the debt collectors and collection companies.

3. Low interest rate: Unsecured loan for debt consolidation is mostly available at rates much lower than the interest rate on your bank cards.

4. Long term loan: If lowering your monthly payment is your primary objective, low interest debt consolidation loans are often available for a long period of time.

5. Credit score shines: The moment you settle your debts with a debt consolidation loan, it will have a positive effect on your credit score.

How do you qualify for the loan?

It’s necessary for you to have an excellent credit score and a low debt to income ratio to qualify for the loan. The reason behind this is to make sure that you can afford to pay the consolidation loan plus, your other monthly expenses.

What are the disadvantages of a consolidation loan?

Most of the time, unsecured debt consolidation loans have a long period of time repayment. So

even if your payment each month is low, you can pay much more in total interest throughout the

period of time of the loan. Also, an unsecured debt consolidation loan without owning a home does not have any tax benefits.

A debt consolidation loan assists you in combining all your debt into one payment. But, if you’re not eligible for a debt consolidation loan without owning a home, you might need a debt elimination program such as Consumer Credit Counseling or Debt Settlement to get rid of your debt.

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Debt Consolidation Combine All Your Debts in One

May 18th, 2015 by admin

Debt Consolidation – Combine All Your Debts in One
It is not unusual to be overwhelmed by huge amounts of money, especially when they are debts, and even more when they are your debts. It is difficult in the midst of all the uncertainty connected with the financial state at the moment, to continue making regular payments and to clear all financial debts. If you are an individual that has more than ten thousand dollars in debt, why not consider personal loans for debt consolidation? A debt consolidation loan may be helpful to manage your debt. There are a good number of excellent credit card debt reduction loans available. Debt consolidation loans can be suitable if you are a person who has any form of unsecured debt that amounts to more than ten thousand dollars. This may involve any form of unsecured debt, such as credit card debt reduction. There are a number of loans that can help you consolidate your loans in a better way, and relieve your debts.

Personal loans for debt consolidation involve an individual paying off any debts he has incurred by the money he has got from the personal loan. The debt consolidation loans can be used to pay off any debt owed in such things as car loan payments, credit card debt reduction, banks for private loans, health care companies and others such forms of loans. By taking out a debt consolidation loan, an individual struggling from a number of loans from numerous creditors can consolidate or combine their debts into just one. So the individual has just one loan left to pay off, the personal loans for debt consolidation which will entail only one monthly payment as opposed to monthly payments to several creditors. Applying for a debt consolidation loans can be difficult for some, and easy for some. Depends on what collateral one has to put up to get the loan approved. This will include a home, or an expensive car or such items of value. If you can not put up any collateral, personal loans for debt consolidation may not work out.

However, if you have enough assets to put up collateral to secure your loan, it can be a very smart thing to do in many cases. There are some examples where the loan taken out to consolidate will have a more attractive rate of interest than the interest on the previous debts. This will make the monthly payments lower, which can be a blessing. Also, the calls that repeatedly ring in at home from creditors asking for their money back will stop. In addition, consolidating will work with all forms of debt, regardless of whether it is secured or unsecured. This is an advantage over other methods of debt management, such as debt settlement. There are various ways to go about taking a loan for consolidating your debt. It is possible to do this on your own, or else you can contact an agency. Companies are better at the job. They are familiar with it; they can get lower interest rates for the loans. It will also ease your stress to a greater degree.

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Tips For Availing Free Debt Consolidation

May 15th, 2015 by admin

Getting free debt consolidation advice can save you from falling into bankruptcy. Not only that, free debt consolidation advice can also enable you to work toward making your credit rating healthy again. If you are a debtor, you might need some sort of expertise to negotiate with your creditors. Debt consolidation help includes negotiation on your behalf as well as effective financial planning.

Once the debt is consolidated, you need to plan financial strategies to raise the money to repay this debt through your savings and income. You may need to go for lifestyle changes to save enough to repay the amount. This will not be too hard since you have advantages like lower interest and a single monthly payment, not to mention an extension in the loan term. However, these may not be enough to raise the funds.

Free debt consolidation service does not only provide advice regarding loan consolidation; it also helps you plan your lifestyle and expenses so you can avoid debt problems. You might be asked to stash away your credit cards and use no more than a single credit card. You may need to use credit cards that do not allow unlimited expenditure.

For them the interest free debt consolidation is ideal provided they have expert help. So, look for a debt consolidation company that can advise you on how to structure your debts, and even deal with your creditors. Most loan consolidation companies charge a small fee towards their services.

The Internet has made it easier for you to access help. You can find the free debt consolidation by comparing free online debt consolidation quotes from different services. The Internet is a time saving, cheap and convenient way of looking for free debt consolidation. Get free debt consolidation help by looking for the matches for your needs.

If you take free christian debt consolidation loan from a Christian debt consolidation company, then rates will be further lower as these companies are subsidized by the Parish. They will, however ask you to make a donation toward the church after providing you help.

A free debt consolidation loan will help you achieve your target of getting free of your debts much faster. You have the benefit of lower interest rates and longer loan period. Credit cards are major culprits for most people in a hopeless debt situation, since they have a high rate of interest. Multiple credit cards add to the debt problem.

Get free debt consolidation services from online resources as well. The Internet is the best place to find loan consolidation. While you may not find free debt consolidation services unless you look up non-profit and government agencies, many private players offer debt consolidation for a small fee.

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Importance Of Bad Credit Debt Consolidation In Handling Your Debts

May 12th, 2015 by admin

Debts are the pustules on your financial credibility and therefore, every serious effort is to be made to remove these pustules as soon as you can.  Bad credit debt consolidation solution should be reigning high on your mind and you should be serious about it. Poor credit debt consolidation solution is available in two forms namely, Unsecured debt consolidation and the secured debt consolidation. In unsecured form, the debtor has to pay the debts in cash, to the creditor, whereas secured consolidation of the debt would allow the debtor to place the collateral against the debts. Usually, people have huge debts running on their credit cards, simply because they are not able to control their spending attitude. In this case, the attitude of a credit card company should also be highlighted, who make enticing offers to the credit card users so that they use and overuse the credit cards and run into huge debts. Credit card debt consolidation is the way in which you can consolidate your credit card debts and come out of financial woes.

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Are you confident that you have chosen the right Debt consolidation Services? This is very essential for you, because if you come across or get enticed by just any usual debt consolidation agency services, you may have to bear the consequences. Remember, when it is question of debt consolidation solution, the only thing which can be looked into is professionalism. If the debt consolidation agency or company is professional then you will come to know about several ways in which you can pay back the debts held on your credit cards. Similarly, if you find a debt consolidation company which is not serious about your debts then all you can think about is piling your debts and making it all the more huge. Therefore, choice rests entirely with you. Remember, debt consolidation is something which you should be extremely wary about, and if not, you may end up broke. Shop around out there on the Internet and find the right debt consolidation service.

Debt settlement programs are effective credit card debt settlement options which a debtor can easily avail from the debt consolidation service provider. Some of the settlement programs are free, where certain amount of fee is also charged.

Jack Poul has the expertise on writing various issues concerning Debt consolidation Services andDebt settlement programs. The author also writes extensively on debt management.

How To Fix Financial Problem Through Debt Consolidation

May 9th, 2015 by admin

Debt consolidation is a common financial solution to fix debt problem, but many people don’t really know how to implement it as an effective debt relief solution. While many credit counselors and finance consultants are recommending the it to their clients, there are about the same number of finance experts give advice to debtors not to do debt consolidation. Should you use this option to get rid of debt?

You need to evaluate whether debt consolidation is a right solution to fix your financial problem before you choose it as your debt relief solution. Many of those who fail in debt consolidation have a wrong mindset about this option. They think their debt is eliminated after the consolidation. They forget that they still need to make the monthly repayment for the loan that is used to pay off their debt. In fact, debt consolidation can’t eliminate debt instantly, it just transfers the overwhelming and delinquent balances to a new loan, avoiding harassing phone calls from bill collectors and making you more affordable to work your way out of debt.

Consolidating multiple debts into a secured consolidation loan can be the best way to get a low interest rate loan. For homeowners who have built up equity on their home can choose to go for a home equity loan; whereas, home refinance loan is a type of secured loan for homeowners with existing mortgage. If current monthly payment is too high for you, choose a longer repayment period to reduce the monthly payment to a manageable and comfortable level. The drawback of taking long repayment term is you need to pay more interest.

But, if you keep your spending behavior that leads you to a debt problem, you will not able to get rid of debt even though debt consolidation is a right solution for you. Therefore, you need to have a strong commitment to pay off your debt and spend with your budget so that you don’t overspend and generate more debt into your existing balance.

In fact, debt consolidation through a loan is a process of getting a new loan to pay off the existing debts, and then you focus on paying the loan until you settle it. During the process of eliminating debt, you need to avoid buying things with credit to avoid rolling up the debt you are planning to eliminate off. A good budget plan that counts in the monthly expenses and monthly loan repayment is the key success factor in debt elimination.

In fact, the debt consolidation into a low interest rate loan is transferring your debts into the principal of loan that will reset and spread through a new repayment term. It prevents the harassing phone calls from bill collectors, get rid of extra finance charges due to penalties of the delinquent payments of existing debts, etc. Basically, your debt is not eliminated yet, instead it gets reset to current status. So, you have to make sure you make the monthly payment on time in order to avoid the existing loan to become bad debt and putting you back to the same situation as before the debt consolidation. During the debt eliminate process you have to control how you spend your money so that you won’t overspend and create new debt into your existing balance.

Summary

Debt consolidation itself is an effective debt relief solution for people to reconstruct their finance and work a way out of debt. You have to understand how to take advantage on this solution in order to eliminate debt effectively.

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No Credit score Examine Credit card debt Consolidation

May 6th, 2015 by admin

Financial debt consolidation is the excellent way to decrease your credit card debt and get rid of irritating calls from creditors. There are various ways to consolidate your debts. If you personal a house or residence, you may possibly receive a credit card debt consolidation loan utilizing your home as collateral. Of program, if you cannot repay the loan, your house is seized. Hence, you ought to training caution when applying for a debt consolidation mortgage.

Added benefits of Financial debt Consolidation Private Loan

Credit card debt consolidation loans are valuable for quite a few motives. When you consolidate your debts, all your costs are lumped into a single loan. Hence, you eliminate producing payments to numerous loan companies just about every month. When you attain a credit card debt consolidation loan, the income received is used to payoff your collectors. Meanwhile, you make a single payment every single month to pay the harmony on your mortgage. Because these loans have a reduced curiosity price, you are ready to payoff your expenses and help save cash at the identical time.

While financial debt consolidation loans show up to be a speedy resolve to debt complications, qualifying for these forms of loans is not effortless. In most cases, you must personal a household or automobile to get a loan. If you do not very own a piece of home to protected the loan, banking institutions will not grant you a financial debt consolidation mortgage.

Sometimes, loan candidates are capable to acquire a ‘no-doc’ mortgage approval. If accepted for this kind of mortgage, you are not required to show proof of employment or income. To qualify for this mortgage, you ought to have a superior credit score score. Even now, loan companies will review your credit prior to approving the loan application. Your credit score report is a enormous pinpointing element in the mortgage process. If your report is negative, look at a no credit examine financial debt consolidation.

How to Do away with Unsecured Debt with No Credit score Check out?

The simplest strategy for consolidating debts and charges without a credit score check is as a result of a credit card debt management organization. These corporations are devoted to helping individuals with extreme financial debt lessen their unsecured credit card and buyer debts. These consolidations are not financial institution loans. As a result, they do not entail credit checks, and most individuals are accepted.

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If working with a credit card debt consolidation business, you need to pick a organization that very best fits your needs. For example, some credit card debt consolidation agencies have debt minimums. There are businesses that call for debtors to have at least $4000 in financial debt, whereas other corporations require a credit card debt sum of at least $10,000. Soon after you have selected an agency, and submitted your data, the organization will start contacting your collectors to get your interest rates lowered or removed. This permits you to get out financial debt within just a handful of several years.

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Chapter thirteen Bankruptcy Vs Debt Consolidation

May 3rd, 2015 by admin

Equally chapter 13 bankruptcy and financial debt consolidation are sorts of restructuring financial debt to come to far more manageable terms of repayment for the debtor about a predetermined period. Nonetheless there are significant differences among these two varieties of consolidation. Largely in standard credit card debt consolidation your debts are grouped into one particular mortgage and paid around time at a fee negotiated or set by the consolidating company. There are some positive aspects to credit card debt consolidation above bankruptcy, fairly than owe several collectors you’ll only owe a person and although the interest charge may well be reduce the monthly payments may possibly be bigger.

Credit card debt consolidation also has a lesser impression on your credit score report and it can be a very good alternative for somebody with disposable income and as well significantly client financial debt, but the conditions alter a whole lot per scenario, so while financial debt consolidation can aid you drastically, if you do not adjust your fiscal routines you can conclude up with a lot more trouble than you started with.

The strengths of chapter 13 bankruptcy

Chapter thirteen bankruptcy significantly outweighs any advantage that classic credit card debt consolidation can give. The major advantage of chapter 13 bankruptcies is that it has selected legal aspects that offer a layer of safety that you merely can not get from any other credit card debt consolidation plan. The strength of the federal bankruptcy code stands behind your ideal of bankruptcy safety and that safety stays until eventually your circumstance is sorted out in a federal court.

The energy of the Automated Stay

The ‘Automatic Stay’ also known as the ‘Buy of Relief’, supplies that safety that keeps your creditors from harassing you in their attempts to gather payments from you. This purchase also has the electrical power to avoid foreclosure proceedings, repossession of any collateral house or any assortment judgments against you from taking spot. There are no similar advantages in credit card debt consolidation that can give this stage of safety and your collectors can not be pressured to cease their attempts to accumulate from you.

Repayment of your debts in 3 to five a long time

Underneath chapter thirteen bankruptcy you get involving three and 5 decades to total repaying your debts under a new restructured plan of repayment, which generally can lower your payments by cutting down the balances and the curiosity rate due. Underneath regular consolidation loans the credit card debt can be carried above for several years with out minimizing the harmony considerably.

Guard your home’s equity

Some financial debt consolidation packages may involve you to submit some variety of collateral and typically they prefer your residence if it has a superior degree of equity. Chapter thirteen bankruptcy needs no collateral and additionally it safeguards you home from getting at threat of repossession or foreclosure.

Restructure debts on a degree of priority

A different gain of chapter 13 is that your secured debts have the priority, these are the loans on your property, vehicle and something that has a tangible collateral, then your unsecured debts are taken treatment of if there is income left above. Traditional consolidation loan applications can not delay payment on either kind of credit card debt, it all has to be regarded equally vital.

Most debts are incorporated in your chapter thirteen bankruptcy circumstance

Normally under a debt consolidation program you are not ready to involve all your debts, some packages only function with credit card debt, although a separate agency may specialize in tax debts. In chapter 13 you can contain tax arrears, house loan arrears, kid support and alimony payments, secured and unsecured debts all below the exact same prepare delivering you with the exact same stage of protection from all collectors.

Unclaimed debts are eliminated

When you file chapter thirteen bankruptcy all your creditors are needed to file a proof of claim with the bankruptcy court, usually some collectors will not file this claim for no matter what causes, but it they do not and you end your repayment period of time to satisfy your debts then any unclaimed debts are eradicated and you’re no lengthier obligated to repay them when your scenario is discharged. No other consolidation program can extend this benefit.

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Debt Consolidation – 4 Strategies To Consolidate Debt

April 27th, 2015 by admin

Debt consolidation is a popular financial solution as it is the easiest and quickest way to restore an in-debt financial situation back to order. But, for people who are in serious debt problem, find a right solution to fix the problem can be a challenge. However, with right debt consolidation strategies people who have bad credit still able to find a good option to overcome the financial burden.

It is essential to define your goals or objectives you want to achieve after the debt consolidation. Your goals should in line with the benefits of debt consolidation and one of them should be total cost savings. Follow the 4 debt consolidation strategies will help you find the best solution that meets your needs.

Strategy #1: The insterest rate should be as low as possible

Consolidation loans are not equal. The rates and fees are dependent on your credit score and the lenders’ promotions. It is true you will get a better rate if you have good credit score, but you still can find good debt consolidation loan offers even though you have averagely low credit rating. Therefore, don’t give up if you have not found the best loan to consolidate debt. You should continue the search and compare the benefits of these offers, list down the good offers for further reviews. Continue the process until you find the best debt consolidation loan that fits your requirements.

Strategy #2: Prioritize on balances with high interest rate first

The best way to eliminate the problematic debt that may damage your credit is by consolidating them into a new loan. But, if you credit rating is not good enough, the lender may not apply the loan amount you apply in the loan application form. If you can’t get an approved loan with amount to cover the total amount you owed to different creditors, the alternative strategy is to eliminate as many high interest rate debts as possible in order to reduce the total cost. Therefore, you should sort all your debt in ascending order from the highest interest rate with the largest balance to debt at lowest interest and smallest amount. Then, prioritize the consolidation for the account in the top of the list.

Strategy #3: Keep your current monthly payment amount

Generally, the consolidation will help reduce the monthly payment as it has lower interest rate than the debts. In order to get rid of consolidation loan faster and save more in total interest, you should keep the same monthly payment as before the debt consolidation unless the current monthly payment causes financial burden on you.

Strategy #4: Use auto payment to make sure you make the monthly payment on time

Most of the high interest rate debts like credit card balances and personal loans can be eliminated after the consolidation. You will only have one repayment each month if you manage to consolidate all credit accounts. Or, the number of accounts should be fewer than before the consolidation even though you are unable to cover all accounts. Although the chances of miss or late payments can be reduced because it is easier to manage small number of accounts, but the risk still remains. The best way of on time payment is by setting standing instructions at your bank accounts for auto pay the loan repayment.

Conclusion

Use the 4 debt consolidation strategies above to combine and get rid of multiple high interest rate debt faster and at a lower total cost.

Cornie Herring is a finance expert and author forhttp://www.debtconsolidationmakeeasy.com. Visit her website to learn about debt consolidation and find the best way to consolidate credit card debt.

Credit Card Consolidation Students Overview

April 27th, 2015 by admin

What are the most common challenges for a student loan?

In reality the student has used the loan, taking college entrance may face many challenges. At first it may be difficult to pay monthly installments on time. In addition, if a student does not pay, the interest can be collected and the number of credit card debt or loans incurred could grow unreasonable proportions.

As a result, students may feel pressure on credit cards or loans that have accumulated large balances. If so, you might consider choosing a credit card consolidation program.

Debt consolidation can create unwanted stress and tension during student life. Therefore, students must use the number of credit card debt companies trading and banking.

Students can also go on loan to consolidate debt with the authorization of a financial institution like a bank, credit card organizations and even universities. In this spirit, we can be sure that the studies continue as planned with only well-written documents.

What would be the best strategy?

Loan consolidation credit card can be used to reduce monthly bills and save a lot of money in the long term, further investigation. Given that fact, having a debt consolidation loan, a student may also be able to reduce debt faster.

What will your backup plan?

If a student believes he / she is in serious debt problems, then it is logical to ask intermediaries for the debt negotiation debt settlement with creditors on debt consolidation.

In fact, the professional debt in enhancing students’ education records to check the availability of consolidating credit card for students. In addition, professional consultants should also review the eligibility of the loan program debt consolidation and debt consolidation loan. This allows minimizing the possibility of having ignorant decisions that can lead to undesirable results.

In addition, debt consolidation, financing or cash can also be used by students in some situations, a heavy financial document. Some consolidators can help you get more bill consolidation loans too.

What is the best choice for you?

If possible, you can scroll all the credit cards and loans into one single regulation and payment. This will translate into one loan with low interest rates and a guaranteed long-term repayment plan that will be paid on time.

What would be your main task?

Students who plan to use credit card consolidation must devote his time to complete their studies successfully and then take a good job as soon as possible. You should at least try to land on a part-time work, so the monthly payment can be met at the appointed time. This, therefore, reduces stress and helps you focus on the development of his career, at the same time.

Creditcarddebtyes is a Non-profit organization. Our mission is to help people by providing the best financial education and credit card debt consolidation services. We also provide services such as credit card debt relief and help the nationwide people to get rid of their credit card debt.

Canadian Debt Consolidation Pros and Cons

April 24th, 2015 by admin

Canadian Debt Consolidation options are vast, especially in urban centres like Toronto. It seems that everywhere we turn there is an advertisement about debt consolidation.

What exactly is debt consolidation? This is an important question because while ‘technically’ it involves making a single payment to deal with all of your debt, depending on the type of debt consolidation, it can result in endless payments and destruction of your credit.

Traditionally a debt consolidation included going to a bank or other lender, obtaining a loan, paying all of your debts in full and then making a single payment to a new creditor.

In the past few years different federal government programs have been introduced that provide immediate debt relief and involve making a single payment to a single company – but these debt consolidations do not involve paying off creditors in full. We call these ‘Debt Relief’ debt consolidations.

Debt relief and debt consolidations are meant to be used if you have major financial problems. They involve freezing interest, reducing debt and making a single payment monthly that fits within your current budget. They also come with tough financial choices that include not honouring your agreements to your creditors and damaging your credit (if you haven’t already); this is an important consideration.

Credit counsellors provide similar types of ‘Debt relief’ consolidation programs. Consolidation programs offered through credit counselling will damage your credit. Unlike programs that have been made available by the federal government these programs may freeze your interest but in most cases will not involve freezing your principal debt.

Traditional consolidation loans still exist, but are harder to come by. Most banks (if you qualify) will always offer a line of credit as a first debt consolidation option. These generally carry low interest rates, however they are like taking out a large credit card and are very challenging to pay off because of the monthly interest payments. If you have a lot of debt, the interest may represent a large amount of your minimum payments.

Many folks also use mortgage agents and mortgage brokers to deal with debt. This is also a good choice because the interest is low. Who you deal with to arrange your mortgage will determine the deal you get. To get the best deal it is imperative to deal with a broker who can handle all types of credit and financial circumstances. If you deal with a broker who primarily manages banks – you may find their attitude towards you change if you don’t qualify with the bank.

The best choice you can make is to have a strong relationship with a good financial consultant. Not a debt counsellor, not a bank, not a broker – a financial consultant. They will be able to look impartially at the state of your finances and help guide you through good financial choices that address your short term and long term financial goals.

Michael Goldenberg, President of DebtCare Canada

http://www.debtcare.ca

888-890-0888

Michael Goldenberg is the founder and President of DebtCare Canada Inc. With an extensive background in business management, Michael spent 20 years operating a commodity trading firm. During that time he served as a financial mentor, providing counselling to many individuals struggling with debt. This prompted the inception of DebtCare Canada, whose mission is to inform the public about federal government programs that are designed to assist individuals, families and businesses to solve their debt problems. Michael brings his experience, passion and full commitment to each client he serves. Contact Michael at: mgoldenberg@debtcare.ca