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By: Adrianna Noton
any people are now finding it difficult managing their debt as the result of the economic decline and shaky job market. When you find that you are not able to pay all of your bills and other monthly expenses in full and on time each month, the outstanding debt can quickly accumulate, particularly if you have loans and credit card bills with high interest charges. The good news is that you do have options to getting out of debt. Today, more people are choosing debt consolidation as a way to eliminate their debt and get a fresh start.

Debt Consolidation Explained

Debt consolidation is an option to paying off all of your debt without having to file for bankruptcy. Debt consolidation involves consolidating the unsecured debt that you have and replacing it with one monthly payment with one interest rate each month until the debt is paid off. To participate in a debt consolidation program, you will first meet with a debt management counselor or credit counselor. You will discuss your situation with the counselor and provide all of your information about your debt. The debt counselor will then assess you financial situation and design a repayment plan that is affordable.

The debt counselor contacts all of your creditors and negotiates a lower monthly repayment plan. Once all of the debtors agree, you will make one payment each month that includes one lower interest charge to your debt consolidation counselor. The debt counselor will send the payments to each of your creditors. The payment schedule will continue until you have paid off all of your creditors making you debt free. The payments are lower making it more affordable and you will no longer have to deal with creditors calling at all hours of the day and night. When you finish the repayment schedule, you will have an improved credit history and you get a chance to make a new start in life.

Debt Consolidation Benefits

When you participate in a debt consolidation program from a debt management agency or credit counseling agency, not only will you implement an affordable repayment plan, you will receive financial counseling where you will learn how to manage your finances more efficiently which includes creating and maintaining a monthly household budget. You will basically learn how to avoid going into debt again.

Eliminate Overwhelming Debt

There are many benefits to choosing debt consolidation. You will consolidate all of your outstanding debts into one loan with one payment and interest rate. You will also improve your credit rating and you will learn how to manage your finances better. With debt consolidation, you will attain financial freedom and start living a more financially stable life.

If you are one of the millions of people that have found themselves in a pile of debt that they cannot manage, consider a debt consolidation program to help eliminate your debt and stress. You will feel a great burden lift from your shoulders as you begin a new financially stable life.


Breaking free from debt is not easy. Get help today and enjoy the freedom of being out of debt. DebtCare Canada 25 Sheppard Avenue West, Toronto, ON M2N 6S6 (416) 907-2582
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