Consolidating debt with td
On top of this, consistently carrying a high credit card balance can negatively impact your credit score, and it increases your debt to income ratio.
Typically, lenders favour a debt to income ratio that is less than 36%.
Fairstone can help you get the money you need to pay off debts and combine several bills into a single, affordable loan.
Learn how Daniel saved hundreds of dollars a month and decreased the time it would have taken to repay his debt with a consolidation loan.
There are dozens of ways to go about consolidating debt, and some include transferring the debt to a zero or low-interest credit card, taking out a debt consolidation loan, applying for a home equity loan or paying back your debt through a debt repayment consolidation plan.
When researching consolidation plan options, you may come across what’s known as debt consolidation companies.
That’s because some may be debt settlement companies that convince you to stop paying your debts and “instead pay into a special account,” the CFPB warns.David needed to get his truck ready for winter, but money was tight.On the advice of a friend, he visited his local Fairstone branch.Secured personal loans allow you to access more money (up to ,000 compared to only ,000 with an unsecured loan), which is ideal if you’re consolidating high credit card or loan balances.Plus, secured loans come with a lower interest rate and more affordable payments allowing you to reduce the amount of interest you’ll pay on your debt overall. You likely want to consider credit card consolidation if you’re consistently only making minimum payments on your credit card balance.
A loan from Fairstone can help you experience debt relief, but also give you peace of mind knowing you're working with a responsible Canadian lender.