Consolidating debt with td canada trust

Consolidation helps heavily indebted borrowers to reduce their debt burden and repay all outstanding balances faster, making payments more manageable and easier to keep up with.What Is Debt Consolidation Consolidation is an alternative to bankruptcy and a form of refinancing, the ultimate goal being debt relief.So what if you don’t have anything to offer as collateral?

Many Canadian households have credit card balances in excess of $8,000, paying 19.99% interest or more, incurring interest charges of at least $1,600 per year on their credit cards!

Enter the 0% balance transfer credit card, and you can see why so many Canadians are attracted to a 0% interest rate to save big, reduce their monthly payment and get rid of debt faster.

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Others apply for an unsecured loan from a finance company at 30% or higher.

But if you’re trying to reduce debt, odds are these routes won’t get you ahead very quickly since a large portion of your debt payment will go straight to the interest, and barely any to the principle.

Here we outline the top 5 reasons why people are declined for debt consolidation loans.

After finding out why, you can also read what to do after you’ve been declined for a consolidation loan.

When you share your lives together, consider reducing your debt as a team.

Sharing the details of your debt with one another can help you get a handle on paying off what you owe.

To help get organized, use the TD Debt Repayment Calculator.

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