Calgary Debt Consolidation  
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   Example 1. Debt consolidation with existing mortgage.
 Before: Calgary debt consolidation John is paying for 6 different loans each month.
 Type of loan  Remaining to pay  Interest rate  Monthly repayments
 Mortgage  $150,000  6.9%  $1051
 Auto Loan  $20,000  9.0%  $415
 Credit Card  $9,000  16.5%  $240
 Department Store Card  $6,000  14.0%  $200
 PayDay Loan  $19,000  12.5%  $427
 Title Loan  $15,000  14.0%  $349
 TOTAL:  $219,000  --  $2,682
 After: Calgary debt consolidation John's monthly payments are reduced from $2,682 per month to $1,142 per month. He is saving $1,540 each month.
 Type of loan  Remaining to pay  Interest rate  Monthly repayments
 NEW Mortgage  $219,000  4.75%  $1,142
 Savings per month  $1540  (Every month John has extra $1540 in his pocket.)
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   Example 2. Debt consolidation without a mortgage.
 Before: Calgary debt consolidation Wendy is paying for 3 different loans each month.
 Type of loan  Remaining to pay  Interest rate  Monthly repayments
 Auto Loan  $20,000  12.0%  $445
 Credit Card  $9,000  16.5%  $240
 Department Store Card  $6,000  14.0%  $200
 TOTAL:  $35,000   --  $885
After: Calgary debt consolidation Wendy's monthly payments are reduced from $885 to $561 per month. She is saving $324 each month.
 Type of loan  Remaining to pay  Interest rate  Monthly repayments
 NEW Personal Loan:  $35,000  8.9%  $561
 Savings per month  $324  (Every month Wendy has extra $324 in her pocket.)
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Calgary debt consolidation What is debt consolidation? A debt consolidation loan is a loan that allows you to repay many other debts. For example, if you have three credit cards, you may be able to get a debt consolidation loan to pay off the credit cards, so that you only have one payment instead of three each month. You are consolidating your many debts into one, by getting a loan to pay off many of your debts. What are the advantages of debt consolidation? The advantages of a debt consolidation loan are:

1.You replace many payments each month with only one payment, which should make it easier to budget your cash each month.

2. Your debt consolidation loan may have a lower interest rate than the rate you are paying on credit cards, so the loan should reduce your interest payments.

3.With lower interest rates and/or extended terms, you may be able to reduce your total monthly payments.

Do I qualify for a debt consolidation loan? To qualify for debt consolidation you must meet the following:

1.The bank will require a copy of your monthly budget to determine if you can meet your loan payments.

2.You must be working, or have a source of income to allow you to repay the loan.

3.You may require a co-signor or collateral (such as a car or a house) What is the next step in obtaining a debt consolidation loan? To determine if you qualify for a debt consolidation loan, contact your banker or finance company. The major lenders in Canada can be reached via the yellow pages. You can also get to debt consolidation loans information on the internet. If you don't qualify for a debt consolidation loan, you should consider a consumer proposal as a way to deal with your debts.