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Bad credit debt consolidation loan

When you are considering a debt consolidation loan, you want to make sure that you are reducing your debt and most importantly, exchanging expensive debt with inexpensive debt.

Let's talk about some choices that you may have.  There are 2 main ways to reduce the crushing debt that you have.  One is with a debt consolidation program, sometimes called a consumer proposal, and the second method is with a debt consolidation loan or mortgage.

The end goal of both methods is to eliminate your debt, change your spending habits, and restore your credit to a good condition.

If you wish to apply with us for a Canadian debt mortgage, please fill in the application below and we will get back to you immediately.  Otherwise, our article continues below the application form.

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A Canada debt loan is taking out a mortgage to pay off your existing creditors.  Two things need to happen for this to be successful for you.  One, you must insure that your new APR (Annual Percentage Rate) with the loan is less than the total of your outstanding debt, and secondly, it is advised that you close off most of the accounts that you just paid off with the loan.  Note:  I mention that you should close off most of the credit cards but not all of them.

It is important for you to have at least 2-3 accounts that you can rebuild your credit with.  Obviously, if the creditors have already closed the accounts, then we need to get rid of them.  But if they will still allow you to use them, then it is critical that we use them properly to build up new, good credit.

And of course, make sure that the cost of the debt consolidation mortgage is less than what you are currently paying out in monthly payments on your current debt.  The whole idea is to reduce your monthly debt payment load.

Now lets look at the negative.  What you�re doing is converting unsecured debt into secured debt.  If you don�t change your spending habits you could be in a worse position than before.   If you default on your monthly payments, you may lose your home.

The second alternative is a consolidation program, or consumer proposal.  This debt consolidation program is much different.  In general, with this kind of program, all existing creditors remain the same, except that either through your efforts or a debt consolidation company, interest rates are renegotiated, reduced or eliminated so that your monthly payments are far less.  In some cases, the consumer company will negotiate with the creditor to reduce the debt substantially, and make a lump sum payment.

Be careful if you do this.  Paying off a creditor by only paying 1/2 is somewhat akin to bankruptcy, and some lenders look very negatively at that.  They may not wish to lend you money for at least a couple of years.

But whichever program you choose, it is important that you change your spending habits, and establish new good credit.  Within a year or two, if you haven't already paid off your debt, you should be able to refinance your debt to get lower interest rates.

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