{"id":5256,"date":"2014-04-29T00:00:00","date_gmt":"2014-04-29T04:00:00","guid":{"rendered":"https:\/\/dev-ginsberg-gingras.flywheelsites.com\/is-debt-consolidation-a-good-solution\/"},"modified":"2021-04-13T18:16:55","modified_gmt":"2021-04-13T22:16:55","slug":"is-debt-consolidation-a-good-solution","status":"publish","type":"post","link":"https:\/\/ginsberg-gingras.com\/en\/is-debt-consolidation-a-good-solution\/","title":{"rendered":"Is Debt Consolidation A Good Solution?"},"content":{"rendered":"


\nA typical case: Like many consumers, you\u2019ve taken on a few debts that you\u2019re paying off in monthly instalments on their due dates. One day, something unexpected happens and for some reason, you can\u2019t pay your instalments; what\u2019s worse, you\u2019re also getting behind on your household bills like electricity, heat and phone.<\/p>\n

In order to solve your debt problem, are you perhaps thinking of consolidating your debts? This is a common practice that can indeed quickly solve immediate debt pressures via a single new loan that repays all your debts in one fell swoop, leaving you with only a single payment every month and generally less interest than before. What\u2019s not to love? Well, let\u2019s take a closer look\u2026<\/p>\n

    \n
  1. \n

    It\u2019s the bank that decides<\/h3>\n

    For one thing, this route is not for everyone. Before agreeing to consolidate a consumer\u2019s debts, financial institutions will want to make sure you have the financial means to repay the new loan. You therefore need to have a good credit rating and steady income. You might also find it tough or even impossible to find a financial institution that will make such a loan. Another wrinkle is that some types of debt such as mortgages cannot be bundled into debt consolidation<\/strong>.<\/li>\n

  2. \n

    Be careful not to convert unsecured debts into secured debts<\/h3>\n

    Depending on the type of loan approved, debt consolidation can transform unsecured debts into secured debts<\/strong> with obvious benefits for the lender. In such cases, payment default can result in serious consequences for you, such as the seizure of certain types of property \u2013 even your home, whereas you might very well have been protected against such action before consolidating your debts. This is particularly true in the case of lines of credit secured by the financial worth of a home.<\/li>\n

  3. \n

    The best approach is to address the problem causing all your debts in the first place<\/h3>\n

    Many people who opt for debt consolidation often end up getting deeper in debt two or three years down the road<\/strong> after they\u2019ve maxed out all their credit cards again. That\u2019s why this approach does not attack the underlying cause of financial difficulties. If the original problem causing your indebtedness is not solved, your situation will only get worse because you will then have twice as much debt or more to repay. That\u2019s why if you decide to consolidate your debts, your top priority must become to stick to your budget.<\/li>\n<\/ol>\n

    On the other hand, debt consolidation does offer several advantages, such as simplifying your debt management, lowering your interest costs, and enabling you to avoid bankruptcy.<\/p>\n

    At the same time, although you can certainly consider debt consolidation as a possible solution to your financial difficulties, it\u2019s better to look at every potential options before making a decision. And that\u2019s where Ginsberg Gingras\u2019 trustees in bankruptcy come in, because their role is to help you make the best possible choice \u2013 whether it is debt consolidation<\/a>, a consumer proposal<\/a> or even bankruptcy<\/a>. Remember, your first consultation is always completely free and without any obligation on your part.
    \n<\/p>\n","protected":false},"excerpt":{"rendered":"

    A typical case: Like many consumers, you\u2019ve taken on a few debts that you\u2019re paying off in monthly instalments on their due dates. One day, something unexpected happens and for some reason, you can\u2019t pay your instalments; what\u2019s worse, you\u2019re also getting behind on your household bills like electricity, heat and phone.<\/p>\n","protected":false},"author":39,"featured_media":5257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[674,667],"tags":[768,771,767,734],"class_list":["post-5256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","category-blog","tag-bankruptcy","tag-consumer-proposal","tag-debt","tag-debt-consolidation"],"acf":[],"yoast_head":"\nIs Debt Consolidation A Good Solution? | Ginsberg Gingras<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ginsberg-gingras.com\/en\/is-debt-consolidation-a-good-solution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Debt Consolidation A Good Solution?\" \/>\n<meta property=\"og:description\" content=\"A typical case: Like many consumers, you\u2019ve taken on a few debts that you\u2019re paying off in monthly instalments on their due dates. 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