3 Easy Steps to a No-Nonsense Debt Consolidation

School is getting ready to start again and for millions of Canadians that means trying to scrape together enough cash for school clothes, book and lab fees, school physicals, and daily lunch money. If your budget looks like it got trampled in a mosh pit, it’s time to consider a debt consolidation loan. Here’s an easy 3 step process to get you off the road to perdition and back on track to financial success.

• Go through your budget and locate all of the credit items that are weighing down your budget. Gather statements for your credit cards, computer loans, education loans, healthcare loans, and other consumer finance agreements. Total them up – the cumulative monthly expenses and the overall debt load. If you’re like the average Canadian, your budget is filled with minimum monthly payments that take a huge bite out of your budget.

• Analyze your credit picture. Get copies of your credit reports and see what information shows up. Most credit reports have errors that reduce your BEACON score and negatively impact your ability to borrow money at a decent rate. If there are inaccuracies, immediately contact the credit reporting agency and complain in writing. If it’s not correct, if it’s outdated, or it’s not yours, you have every legal right to expect that it immediately be removed or corrected. If you have negative entries on your credit report that can be remedied, take the measures necessary to make your credit report shine. Pay off any balances that serve as a warning to potential creditors that you’re not a good credit risk.

• After taking care of steps one and two, you’re ready to play ball. Find a reputable broker that you can trust to keep your best interests in mind. Shop for the best rate and terms you can get, and interview potential brokers. Find out how long they’ve been in business and reassure yourself that they know what they’re doing. A good broker won’t hide from your questions or be evasive with their answers. They’ll be honest and upfront with you about how they can serve your needs. Furthermore, they’ll custom-tailor a debt consolidation loan that will put a smile on your face.

This simple 3 step process will help you find a debt consolidation loan that will reduce your monthly budget and help you to take control of your finances – and your life. In most cases, your expenditures will go down on a monthly basis. Keep in mind, though, that if you use the loan proceeds to pay off credit cards and other debts and you immediately start spending like Martha Stewart after a six month stint in jail, you’ll very soon be imprisoned by a new round of budget sucking bills. Take your savings and put it to good use. Send it to school with your kids.

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