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Debt Consolidation in Ottawa

What Is Debt Consolidation?

Debt consolidation consists of obtaining one loan generally from a financial institution to pay off several debts such as credits cards.

The advantage of a consolidation loan allows having simply one monthly payment for which the interest rates are generally lower.

Can All My Debts Be Included In A Consolidation Loan?

Not all debts can be included in a consolidation loan; for example, a secured car loan or a mortgage. Secured loans hold a collateral asset as security and can’t be included in a consolidation loan. A financial institution will advise which debts are admissible for the consolidation loan.

How Do I Qualify?

A consolidation loan requested at a financial institution requires

  • Acceptable credit rating
  • Employment with sufficient income to pay the loan