Debt Consolidation

DEBT CONSOLIDATION IN EDMONTON

DEBT CONSOLIDATION VIA CONSUMER PROPOSAL SERVICE FOR EDMONTON

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 to make the proper recommendation on how to begin 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 load 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. 

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DEBT CONSOLIDATION
LOAN OR DEBT CONSOLIDATION CONSUMER PROPOSAL?

HOW TO DECIDE WHAT IS THE BEST CHOICE IS FOR YOU

WHAT IS A DEBT CONSOLIDATION LOAN?

Often, personal debt comes from many different sources, all 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 not possible.  Each of your various debts has a different interest rate, payment frequency, and set repayment terms. What you are doing with a debt consolidation loan is taking the total amount of all your debts, taking that amount out in one large loan, and using the loaned money to pay off each institution you are indebted. The process of paying off your debt becomes centralized into one manageable monthly payment.

WHEN IS THE RIGHT TIME TO GET A DEBT CONSOLIDATION LOAN?

Exploring the option of a debt consolidation loan in Edmonton is best suited for the situation in which you owe money to many creditors.  You can use debt consolidation loans to combine outstanding debts to smaller loans, credit card balances, overdraft balances, bills, and even payday loans. A single loan from one source with one interest rate and one payment date can be less stressful to handle.

EDMONTON DEBT CONSOLIDATION

DISADVANTAGES OF CONSOLIDATION LOANS

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:

WHY DO WE ADVISE CONSUMER PROPOSAL INSTEAD OF A DEBT CONSOLIDATION LOAN?

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:

  • Your credit is severely damaged
  • You cannot pay for the proposed reimbursement with a consolidation loan
  • You cannot combine all your debts
  • Your employer is withholding your wages

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CONTACT US FOR A FRESH FINANCIAL START

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.