Today I’m going to provide a step by step for anyone who wants to consolidate their debts with the goal of savings and credit repair in mind.
This works for any type of debts including personal lines of credit, business lines of credit, bank or retail store credit cards, vehicle loans, student loans, overdraft, payday loans, income tax, property tax, money owed to a collection agency, etc.
Debt consolidation can take many forms and does not always involve borrowing. To help you explore every option, please scroll to the section that applies to you:
1. Why Would I Consolidate My Debts?
When done properly, debt consolidation will save you money now, re-establish your credit in 12 to 24 months and save you money later. You will save money now by paying less interest/penalties. The more you owe, the more you will save. Credit repair is dependent on your personal credit report being updated after each debt is paid out. Saving money later will occur as your credit improves by graduating to less expensive credit products. Not all credit professionals adhere to these principles so for the best care and advice click here
2. Locked In RRSP’s
You can use your Locked In RRSP as a tool to consolidate your debts. For more help on this click here
3. Debt Consolidation If You Own Real Estate
You can use your house, condo, farm, bare land, commercial property or mobile home (yes even on rented space) as a tool to consolidate your debts even with bad credit. To learn more click here
4. Debt Consolidation If You Have No Assets
You can use your income as a tool to consolidate your debts and repair your credit. To learn more click here