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Debt Consolidation in Burlington

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Burlington Debt Consolidation Services

York Credit Services is your ultimate solutions provider for your credit problems including proven debt management plans, debt consolidation and credit counseling. Being unable to pay back your debts can be a huge burden individually and to your family as well. You will not be able to save anything for the future or even have money for luxury activities like vacations. Managing personal finances in today’s economy has become quite a challenge and a lot of people are finding themselves on the wrong side of it all with devastating debts.

At York Credit Services, we can help you workout debt solutions to suit your particular needs. We have finance experts like our Burlington debt relief specialist who will help you create a savings plan to eliminate your debt and all the problems that come along with it. We have come across almost all kinds of financial situations and are able to customize solutions to client needs based on this experience.

Debt Consolidation Loan

If you had only a single payment to make each month, would it make your debt management a lot easier? Certainly yes. A debt consolidation loan gives you this option. It allows you to take a loan and use it to pay off all your credits, so you have only a single payment to deal with every month. A debt consolidation loan makes handling these payments easier since you only have one monthly payment to worry about. You may become debt-free after two to five years of taking a debt consolidation loan.

Benefits of taking a debt consolidation loan

Like most forms of debt consolidation, this loan makes managing credit easier. You have only one payment to deal with every month. Additionally, you are likely to get lower interest rates and lower set up fees should you apply for a debt consolidation loan. It’s offered by most banks, credit unions and other financial institutions. You may not qualify for a debt consolidation loan if you don’t have a good credit score. Most banks will also ask for some form of security in order to give you the loan. A debt relief expert can help you assess your unique situation and determine if this loan is an ideal option for you. Speak to us today for more information.

You may also consider taking a second mortgage to pay off creditors in order to remain with a single monthly payment. This option of refinancing your mortgage or what is commonly referred to as a second mortgage is only viable for you if you’ve gathered enough home equity. The first mortgage is the one you took to buy your home and the second one is the new consolidation loan. Your bank may give you a second mortgage with a lower interest rate depending on your credit score.

Why take a second mortgage?

One of the greatest advantages of consolidating your debt using a second mortgage is that it gives you more flexible payments and the ability to deal with a single creditor. However, some banks charge high set up fees for second mortgages. If you speak to a debt relief expert, he/she will advise you on whether a second mortgage is a great alternative for you depending on your financial situation. You’ll need a good credit standing in order to qualify for a second mortgage.

A line of credit or overdraft is often a good option if you want to offset high-interest debt. You can apply for either a secured or unsecured line of credit, also known as an overdraft which helps you access more flexible payment terms. The line of credit allows you to get financing at lower interest rates which means you can use the cash to settle any debts you have. However, you will have to pay the minimum amount required for the line of credit at the end of every month.

Disadvantages of overdrafts or lines of credit

If not properly used, a line of credit or overdraft can cause more harm than good. You need the financial discipline to pay the required minimum amount every month. If you use the lines of credit to fulfill your poor spending habits, you may never get out of debt. There’s also the risk of paying high-interest rates if the prime rate of Canada increases. This can put you in more financial struggle since you will be required to pay off a higher amount every month. Talk to a debt relief expert who will discuss with you the unique situation and give proper advice.

An option to consolidate debt may be using your credit cards. This allows you to bring together all your credit card balances into one payment that has a lower interest rate. You can then go ahead and make a set monthly repayment for the card. Your Burlington bank will give you a minimum payment that you can make each month. You’re free to pay more than that if you would like to clear the debt faster.

The main advantage of consolidating debt with credit cards is that it allows you to get a low promotional interest rate. Additionally, you have only one payment to make which makes it easier to keep track of your debt and make more timely payments. The flexible monthly payments allow you to pay more when you have the ability or go back to paying the minimum amount if you experience a financial emergency.

However, credit cards still have their drawbacks that you need to be aware of. The low promotional interest rate that you qualified for may expire in just a few months and you get back to paying high-interest rates before you know it. It’s important to avoid overspending once you consolidate your credit cards as this can put extra pressure on you and get you into further debt.

In Burlington, there are credit counseling organizations that work with creditors to help individuals get out of debt fast. If you would like to consider this option of debt consolidation, you’ll need to work with a credit counselor in Burlington who will draft a proposal and send it to your creditors. Once your creditors agree to the terms of this proposal, you can begin making payments to the credit counseling organization which then forwards it to your creditors.

This method of debt consolidation is one of the best since you may not pay any interest. You can pay off all your debts faster, typically within 3 years, if you qualify for a debt management plan. However, once you complete the program your credit score is likely to be negatively affected. Speak to a credit counselor who will assess your situation and guide you on what’s best. We’re always happy to educate you on all the methods of debt relief available to you. Get in touch with us for more information.

+ Debt Consolidation Loan

If you had only a single payment to make each month, would it make your debt management a lot easier? Certainly yes. A debt consolidation loan gives you this option. It allows you to take a loan and use it to pay off all your credits, so you have only a single payment to deal with every month. A debt consolidation loan makes handling these payments easier since you only have one monthly payment to worry about. You may become debt-free after two to five years of taking a debt consolidation loan.

Benefits of taking a debt consolidation loan

Like most forms of debt consolidation, this loan makes managing credit easier. You have only one payment to deal with every month. Additionally, you are likely to get lower interest rates and lower set up fees should you apply for a debt consolidation loan. It’s offered by most banks, credit unions and other financial institutions. You may not qualify for a debt consolidation loan if you don’t have a good credit score. Most banks will also ask for some form of security in order to give you the loan. A debt relief expert can help you assess your unique situation and determine if this loan is an ideal option for you. Speak to us today for more information.

+ Second mortgages

You may also consider taking a second mortgage to pay off creditors in order to remain with a single monthly payment. This option of refinancing your mortgage or what is commonly referred to as a second mortgage is only viable for you if you’ve gathered enough home equity. The first mortgage is the one you took to buy your home and the second one is the new consolidation loan. Your bank may give you a second mortgage with a lower interest rate depending on your credit score.

Why take a second mortgage?

One of the greatest advantages of consolidating your debt using a second mortgage is that it gives you more flexible payments and the ability to deal with a single creditor. However, some banks charge high set up fees for second mortgages. If you speak to a debt relief expert, he/she will advise you on whether a second mortgage is a great alternative for you depending on your financial situation. You’ll need a good credit standing in order to qualify for a second mortgage.

+ Lines of credit or overdraft

A line of credit or overdraft is often a good option if you want to offset high-interest debt. You can apply for either a secured or unsecured line of credit, also known as an overdraft which helps you access more flexible payment terms. The line of credit allows you to get financing at lower interest rates which means you can use the cash to settle any debts you have. However, you will have to pay the minimum amount required for the line of credit at the end of every month.

Disadvantages of overdrafts or lines of credit

If not properly used, a line of credit or overdraft can cause more harm than good. You need the financial discipline to pay the required minimum amount every month. If you use the lines of credit to fulfill your poor spending habits, you may never get out of debt. There’s also the risk of paying high-interest rates if the prime rate of Canada increases. This can put you in more financial struggle since you will be required to pay off a higher amount every month. Talk to a debt relief expert who will discuss with you the unique situation and give proper advice.

+ Consolidating debt using credit cards

An option to consolidate debt may be using your credit cards. This allows you to bring together all your credit card balances into one payment that has a lower interest rate. You can then go ahead and make a set monthly repayment for the card. Your Burlington bank will give you a minimum payment that you can make each month. You’re free to pay more than that if you would like to clear the debt faster.

The main advantage of consolidating debt with credit cards is that it allows you to get a low promotional interest rate. Additionally, you have only one payment to make which makes it easier to keep track of your debt and make more timely payments. The flexible monthly payments allow you to pay more when you have the ability or go back to paying the minimum amount if you experience a financial emergency.

However, credit cards still have their drawbacks that you need to be aware of. The low promotional interest rate that you qualified for may expire in just a few months and you get back to paying high-interest rates before you know it. It’s important to avoid overspending once you consolidate your credit cards as this can put extra pressure on you and get you into further debt.

+ Debt management plans

In Burlington, there are credit counseling organizations that work with creditors to help individuals get out of debt fast. If you would like to consider this option of debt consolidation, you’ll need to work with a credit counselor in Burlington who will draft a proposal and send it to your creditors. Once your creditors agree to the terms of this proposal, you can begin making payments to the credit counseling organization which then forwards it to your creditors.

This method of debt consolidation is one of the best since you may not pay any interest. You can pay off all your debts faster, typically within 3 years, if you qualify for a debt management plan. However, once you complete the program your credit score is likely to be negatively affected. Speak to a credit counselor who will assess your situation and guide you on what’s best. We’re always happy to educate you on all the methods of debt relief available to you. Get in touch with us for more information.

Debt Consolidation

One of the ways you can handle debt, besides a debt management plan or filing for bankruptcy is through debt consolidation. Debt consolidation is the process of getting a single loan to pay out your various debts so you can remain with a single loan payment to make at the end of the month with lower interest rates. Burlington debt consolidation is a promising solution but only if you work with the right financial experts. Choosing the wrong loan can make your situation worse and leave you with bigger payments than you had before.

At York Credit Services, getting the best for our clients is our highest priority and we only recommend solutions that are proven to improve the situation without any challenges along the process. The new credit that we recommend is selected carefully based on your individual financial characteristics in order to avoid any extra costs. With advice from our credit counseling sessions, you can also make the best personal decisions on lifestyle adjustments to be able to finance the consolidated payment. With the right choice, debt consolidation can reduce the interest rate on your debt, reduce the number of companies you owe and reduce your payment amount.

Our specialists can solve your debt problems

Changes to make during debt consolidation

In order to have a smooth debt consolidation process, your debt relief specialist will advise you on the following changes you need to make:

Consolidate all your debts in one place

The point of debt consolidation is to consolidate all your debts in one place. Therefore, you should avoid dealing with a lot of other accounts. You will need to stop spending on credit and work with a budget, which we can develop for you. This budget will guide your monthly spending down to the last coin making provisions for financing your payments, saving and fulfilling your personal needs.

Make your payments religiously

Lowering your payments makes it easier to facilitate your monthly payments. The debt consolidation loan should be paid religiously to avoid any more trouble with creditors.

Commit to the process to the end

Commit to the process to the end for as long as it takes until you are finally debt free. This may involve coming in for Burlington credit counseling sessions a couple of times a month to keep you on the right track.

Quality debt consolidation loans

In order to provide the best solution for your situation, there are a couple of things we consider when choosing the debt consolidation loan. First, we will not advise on taking secured loans to consolidate unsecured debts. You can work with a no-interest credit to pay off unsecured loans such as other credit cards. We also need to consider the interest rates, fees and charges for the loan before advising you to take out the loan to consolidate your debts. These should be lower than the debt you’re consolidating in order to avoid burdening you with heavy payments. Low interest rates usually attract long loan terms and this is also an area of interest for us. We aim to find the loans with the shortest terms at favorable interest rates and charges.

York Credit Services is a licensed credit service company and we are legally authorized for all our products and services. We are here for your financial good and to help you in making sound decisions that will empower you individually.

“We are committed to reducing your debt and getting you back on the right financial track.”

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