If you are in a situation where you feel that you cannot keep up with your bills, expenses, and loans, it might be time to explore debt consolidation. Fox-Miles & Associates offers debt consolidation services in Edmonton. There are many debt relief options available to you. Our team will work closely with you to fully understand your financial situation and make the proper recommendation for your journey towards a fresh monetary beginning.
A Consumer Proposal is the most used debt relief option for debt consolidation in Edmonton. The Licensed Trustees at Fox-Miles will help you reduce and restructure your outstanding debt using a consumer proposal. We believe that, in many cases, a consumer proposal is an excellent alternative to declaring bankruptcy or getting a debt consolidation loan. Fox-Miles provides personalized debt consolidation services in Edmonton that we customize to your unique financial situation. To make the best decision for your financial future, our clients must understand the options available, including all positives and negatives.
Personal debt often comes from various sources, with varying monthly fees and interest rates, and can quickly spiral out of control. A debt consolidation loan is a new loan obtained from a bank or financial company to pay all your existing smaller debts under one consolidated loan. By combining your multiple debts or “consolidating” them, you now have only one monthly payment that fits within your budget.
A debt consolidation loan does not exactly combine all your debts, as this is impossible. Each of your various debts has a different interest rate, payment frequency, and set repayment terms. What you do with a debt consolidation loan is take the total amount of all your debts, take that amount out in one large loan, and use the loaned money to pay off each institution you are indebted to. Paying off your debt becomes centralized into one manageable monthly payment.
Exploring the option of a debt consolidation loan in Edmonton is best suited for a situation where you owe money to many creditors. You can use debt consolidation loans to combine outstanding debts with smaller loans, credit card balances, overdraft balances, bills, and even payday loans. A single loan from one source with one interest rate and payment date can be less stressful.
Debt consolidation loans are one of the most used debt solutions. But there are significant disadvantages to debt consolidation loans that you should consider before proceeding with this option. The team at Fox-Miles will work closely with you to help you make the best choice for your debt solution:
Disadvantages of debt consolidation loans include:
A consumer proposal is an offer you make to all your unsecured creditors. It is helpful as you only pay down a portion of your debt. We advise you to choose this in the following situations where:
Call us today and schedule a consultation to find out if a consumer proposal, rather than a debt consolidation loan, is the right option for you. We service most of Northern Alberta, including Edmonton, Sherwood Park, St. Albert, Stony Plain, Fort Saskatchewan, Spruce Grove, Leduc, Edson, and Hinton.
