Consider Debt Consolidation to Help with Toronto’s Big Cost of Living

May 26, 2017

Living in Toronto and the GTA can be expensive for families, students, and young professionals, alike. Families want to raise their children in close proximity to all the amenities within the city, students want to study at the city’s world-renowned schools, and young professionals want an easy commute from their condo to the office every day.

What most people may not realize about their Toronto lifestyle is that it can easily sink them into debt. Living expenses like rent/mortgage, transportation, tuition, groceries, and entertainment tend to be higher within the city limits, and debt can begin to pile up. When your financial situation spirals out of control, debt consolidation may be an option to consider.

Putting a Plan in Place for Debt Consolidation

Do you have more than one debt to repay? Debt Consolidation is a way to streamline all your current debts into one manageable payment plan. Typically, you would receive one loan from a financial institution to cover all your existing debts. The bank or private lender can offer a lower interest rate than what you were being charged by your creditors, which will help you save money that would otherwise be lost in interest.

However, not all debts will qualify for debt consolidation in Toronto. For example, your mortgage cannot be included. While Fuller Landau is not a lender and cannot issue a loan on your behalf, we will help you determine which debts can be consolidated, or identify if an alternative solution such as a Consumer Proposal, Bankruptcy, or Credit Counselling is right for you.

Keeping up with Payments

When opting for debt consolidation, it is important to understand that it is considered a loan. Your financial institution will instate a monthly interest rate and will require your monthly payments to be made on time. If you follow the terms of your Toronto debt consolidation loan, your credit rating should not be affected.

Let’s discuss if Toronto debt consolidation – or another debt relief solution – makes sense for you. Call today to book your free consultation. We’ll review your personal situation, explore your options, and recommend the best course of action. No blame, no judgment – just the guidance you need to get your finances back on track, and lead a FULLER life.