We can guide you through the process of applying for a debt consolidation loan.
Sometimes debts accumulate at a slow to moderate pace because of making expenditures that were a bit above what you could cover with your income. Other times they jump up all at once, such as needing to finance a vehicle, facing a medical bill, or covering tuition. Regardless of what has occurred, you may find it challenging to manage multiple credit accounts and would love to consolidate them into one.
At Donna Mullen & Associates, we can guide you through the process of debt consolidation, not just for the convenience factor, but also for other the many other benefits involved, including:
- Lower interest rate- A debt consolidation loan generally has a lower interest rate than most other debts.
- Avoid late payments- It is easy to inadvertently miss one payment when you are juggling multiple accounts, but with debt consolidation, you’ll have just one to worry about paying, so there is less chance of having a late payment.
- Lower payment amount- Your monthly payment on a debt consolidation loan is usually lower than adding up all the various debts, even if you are only paying the minimum on them. You also have the option to continuing paying as much as you did before if your goal is to get out of debt sooner.
- Improve your credit score- When you use a debt consolidation loan to pay off other debts, it can help to improve your credit score. Your credit score can also be salvaged from the potential damage that late payments can cause.
While debt consolidation isn’t the right option for everyone, it is worth looking into if you’ve been finding it challenging to deal with multiple accounts. We are happy to sit down with you to examine whether this would be a good option for you, walk you through the application process, and find the right option for your situation. We proudly serve the Stayner, Ontario area and look forward to working with you. Contact us today to schedule an appointment.
At Donna Mullen & Associates, we assist clients with debt consolidation solutions in Wasaga Beach, Collingwood, Meaford, Owen Sound, Barrie, Sudbury, Sault Ste Marie, Thunder Bay, and Stayner, Ontario.