Consolodating credit card debt alberta
Getting another loan may sound like the last thing you want to do, but there are two really good reasons to consolidate your debts: Before you consolidate your debts, you should have a clear understanding of your spending patterns.
Refinance your loan with CIBC If a loan refinance seems like a viable option for gaining control over your finances, contact CIBC to receive more information.
Your situation may seem desperate, but don't despair: debt consolidation may help you get back on track. Debt consolidation involves borrowing money from one lower-interest lender to pay off your debts with other higher-interest lenders.
By doing this, you will clear up those higher-interest debts and be left with one, easy-to-track, lower-interest loan.
The easiest way to manage your debt is by consolidating high interest balances into a low-interest loan or line of credit – which reduces interest payments and the number of bills you have to pay every month.
By consolidating all of your debts into a personal loan you can spread out your payments over a term of 5 years with fixed payment amounts.