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Debt Consolidation in Halifax

Nova Scotia ranks sixth (out of the ten Canadian provinces) in consumer debt burden – not a bad position, but some consumers are feeling the pressure. To get out of bad debts, most Halifax residents result in either a consumer proposal or debt consolidation in Halifax. If you feel the weight of multiple debts, primarily debts with high-interest rates, consider debt consolidation. Debt consolidation works best for consumers with small loans that can be paid off in a couple of months. Even with bad credit, you can still access debt consolidation in Halifax, Nova Scotia.

Debt Consolidation in Halifax: What Can You Use It For?

You will need debt consolidation in Halifax, NS, if:

  • You have multiple debts that are unmanageable
  • Your monthly income is less than the monthly repayments you need to make
  • You need to build your credit by reducing the number of debts you have
  • You need to reduce the interest rates on the debts you are currently paying

If you have three credit cards that you are already paying every month, you risk missing payments for one of the cards which will affect your credit score. Again, the interest for the three cards might be high further making the debts unmanageable. If your outstanding debts surpass your monthly budget, consider debt consolidation loans in Halifax.

Debt Consolidation in Halifax: Types of Loans

Debt consolidation in Halifax, Nova Scotia is available for unsecured loans such as payday loans and other personal loans. You cannot consolidate debts that you placed collateral for. However, debt consolidation loans in Halifax are secured, such as car loans, or unsecured. Some of the loan options available include:

Home Equity Loan

A home equity loan is essentially a second mortgage depending on the value of your home or as a new loan that consolidates all other loans. If you already have a home equity loan that you have paid off in part, you can refinance the loan to pay off all other debts. The lender who consolidates your loan will come to your home to estimate the value of your house to determine how much loan you qualify for. You will then repay the loan in monthly installments as agreed on the loan contract.

Credit Card Balance Transfer

If you have credit payments that you cannot make every month, you should consider a balance transfer credit card. Balance transfer credit cards are credit cards that offer meager introductory interest rates for a promotion period of about six months. The interest rate for these credit cards might be as low as 0% for as long as the promotion period lasts. After the end of the promotion period, interest rates will shoot up back to normal. As such, you need to pay off all your or a large percentage of your debts before the promotional period ends.

Most major banks offer a balance transfer credit card which gives you a great debt consolidation option. Even if you only have one credit card debt to pay off, you can transfer it to a balance transfer credit card to reduce the interest you pay. Some cards will charge a balance transfer fee of between 1 and 3 percent – this is, however, worth it compared to the interest rate you would pay on other credit cards.

Personal Loans

Personal loans can be secured or unsecured. When you have small loans such as high-interest payday loans with no credit check or payday loans with no bank statement, you can take unsecured personal loans to consolidate these loans. You can get personal loans from local lenders near you or get a bank loan, or consider online lenders.

To get a personal loan, you might be needed to have:

  • An income and show proof of it
  • A co-signer for those with less than perfect credit history – the co-signer takes on the payments when you cannot
  • Collateral for secured loans
  • A good or excellent credit score, if you apply through a bank and you do not have a cosigner
  • Reliable employment

Trust Loans Geeks for Finding Debt Consolidation in Halifax, Nova Scotia

It is easy to get debt consolidation loans in Halifax – all you have to do is get the right lender. The best debt consolidation in Halifax, NS, should be from a licensed lender who follows set rules and regulations. These lenders can be seen listed on Loan Geeks, a platform that compares and reviews lenders in the capital of the Canadian Province of Nova Scotia. On Loan Geeks, you can see lenders offering different debt consolidation approaches. If you have payday loans on disability income that you need to consolidate, you get help on Loan Geeks. You can also get advice on any other loans in including guaranteed payday loans in Canada and personal loans that need consolidation.

Conclusion

Wherever you are in Halifax, whether in Halifax Shipyard or Halifax Harbour or anywhere else, it is easy to consolidate your debts. You can negotiate the terms out of your financial trouble or hire the services of a mortgage broker who will negotiate the terms on your behalf. If you still can’t make payment after consolidating your loans with the lowest cost debt consolidation option, consider a consumer proposal which you file with a licensed insolvency trustee or other debt relief options in Atlantic Canada.

5 Activities to Try After Getting Debt Consolidation in Halifax

  1. Visit Halifax Citadel National Historic Site and become a soldier for a day
  2. Visit Fisherman’s Cove.
  3. Hear captivating sea stories at the Maritime Museum of the Atlantic.
  4. Learn the history of Halifax immigrants at Pier 21.
  5. Explore the Halifax Central Library

Map of Halifax

Halifax Travel Guide

Frequently Asked Questions

How does debt consolidation in Halifax work?

You can either get debt consolidation loans in Halifax or join a debt consolidation program and have a professional negotiate the terms of loan consolidation.

What is a debt consolidation loan in Halifax?

A debt consolidation loan is taken to pay off multiple loans, so you only make a single monthly payment with reduced interest rate.

How does debt consolidation in Halifax affect my credit?

When you pay off multiple debts, you start on the journey to build your credit. Again, one manageable debt is easy to pay off, further building your credit.

How do I apply for debt consolidation in Halifax?

Find a reliable lender and submit your application. A lender might ask for proof of residency, proof of income and employment, co-signer, or collateral.

How do I get a debt consolidation loan without collateral in Halifax?

Look for lenders who offer debt consolidation in Halifax, NS, without collateral. However, you will need either reliable employment with a decent income or a co-signer.

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