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Debt Consolidation in Quebec

The consumer debt levels in Quebec are low – only higher than the consumer debt in Manitoba. As such, a large percentage of consumers are not struggling with bad debts. Even then, there are still people with debts that are spiraling out of control. The low consumer debt levels may be attributed to the low interest rate on payday loans and the new credit card rules that seek to increase credit payments to 5 percent of the total owed. With the new credit card rules, it is challenging for consumers to use credit cards.

Even with household debts in the province of Quebec being relatively low, some households still struggle with debt. When debts feel unmanageable, you need to consolidate them to one easy to manage loan. Debt consolidation in Quebec helps consumers to pay their debts while still meeting their monthly expenses. Read on to learn more.

Debt Consolidation in Quebec: Signs You Need It

Debt consolidation in Quebec comes in handy in bailing you off small unsecured personal loans and credit cards. If you have two or three credit cards and a low-interest personal loan on top of them, you will need to consolidate your outstanding debts to make them manageable. Instead of paying three or four loans, you will only pay one loan with debt consolidation.

You need to consolidate your debts and get out of financial trouble if:

  • You have multiple loans and you are paying high interest every month
  • Your income is not sufficient to pay multiple loans and meet your monthly expenditure
  • You are considering taking another loan
  • Creditors or collection agencies are already threatening to take action

If you are feeling the pressure of multiple loans, you need to consider the debt consolidation option. With the lowest cost debt consolidation option, the interest rates on loans will reduce, and you will pay less every month. When you pay less every month, you can make all payments, and this helps you build your credit history.

Types of Debt Consolidation Loans in Quebec

Whether you have payday loans with no credit check in Quebec or any other personal loans, you can get debt consolidation loans in Quebec to ease your loan burden by reducing the monthly payments you make. In all areas of the Canadian province of Quebec, including Quebec City, you will have two options to consolidate your loans:

  • Debt consolidation loans in Quebec
  • Debt consolidation program

When you sign up for a debt consolidation program, you will work with a debt counsellor who will negotiate debt consolidation with your lenders. In this case, you will not take a loan and you will pay lower interest rates. Even better, the debt relief counsellor will negotiate a payment plan that fits your income. These programs are great options when your credit does not let you get approval for a bank loan.

Debt consolidation loans in Quebec pay off all debts you owe. You will now pay one debt loan in monthly installments. These loans are offered at lower interest rates. The loans are either secured, such as car loans, can be offered in the form of a second mortgage (called home equity loan) based on the value of your home, or unsecured personal loans.

Besides the above options, you can also go for balance transfer credit cards. This is one of the cheapest debt consolidation option approaches seeing that some debt transfer credit cards charge zero percent interest during the promotional period.

If you do not qualify for any of the above loan options, consider a filing for a consumer proposal with a licensed insolvency trustee. Again, you can seek the services of a mortgage broker who will negotiate the terms on your behalf.

Trust Loans Geeks for Finding Debt Consolidation in Quebec

Loans Geeks is your one-stop directory for all licensed lenders in Canada. Wherever you are in Quebec, whether the Arctic Ocean or Saint Lawrence River, you will find a lender to consolidate your loan on Loans Geeks. The same lenders offering payday loans with no bank statement and guaranteed payday loans in Canada are the same who will consolidate your loans even when you have bad credit. Instead of you checking out every lender online, you can see lenders compared on Loans Geeks and pick the one that will consolidate your loans with ease.

Conclusion

It is easy to get debt consolidation in Quebec services, just like it is to get payday loans on disability income. However, you need to ensure you work with a licensed lender to avoid losing your money in a bid to make your loans manageable. At all times, always go for the licensed lender who is willing to offer reduced interest rates. Without reduced interest rates, debt consolidation loans in Quebec do not serve their purpose.

5 Activities to Try After Getting Debt Consolidation in Quebec

  1. Visit Old Quebec and enjoy breathtaking views
  2. Enjoy the scenery of Quebec’s Montmorency Falls
  3. Explore Parc National de la Jacques-Cartier
  4. Drive around Ile d’Orleans
  5. Visit Musée national des beaux-arts du Québec

Map of Quebec

Quebec Travel Guide

Frequently Asked Questions

How does debt consolidation in Quebec work?

Debt consolidation works for small personal loans and credit cards. You cannot consolidate secured loans in Quebec. Simply you take a low-interest loan to pay off multiple debts or negotiate (through a debt relief counsellor) to have the interest rates reduced and loans consolidated.

What is a debt consolidation loan in Quebec?

A debt consolidation loan is a loan that pays off multiple loans allowing you to make only one monthly payment.

How does debt consolidation in Quebec affect my credit?

Debt consolidation programs may negatively affect your credit history but they lower interest rates on debts significantly. A debt consolidation loan make your loan manageable – for every payment made on time, your credit history improves.

How do I apply for debt consolidation in Quebec?

Different lenders have different application requirements. Banks and credit unions have strict eligibility criteria and might request for proof of income, proof of residency, collateral or co-signer, and a good or excellent credit score. Other lenders only need the first two.

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

Without collateral, you will need a reliable source of income or a cosigner who will make payments if you default.

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