Debt Consolidation

Debt consolidation programs may have an impact on your credit score. This depends on the option you choose and the actions taken before, during, and after the debt consolidation.

The risks of debt consolidation depend on the option you choose. Generally, there are two types of risks: financial and legal. Financial risks include things like increased interest rates and missed payments that can lead to negative credit history. Legal risks include things like lawsuits and wage garnishments.

It is important to weigh the risks and benefits of each debt consolidation option before making a decision. Our team of debt consolidation experts will ensure you understand all of the known risks associated with each option available to you so that you are fully informed.

It is important to note that not all debt settlement companies are equal. Ensure the firm you work with is licensed and regulated by the federal government.

Debt consolidation can be good or bad, depending on the option you choose and your overall financial situation. Some debt consolidation options, like a consumer proposal (read here about a consumer proposal vs debt consolidation), are designed to help you get out of unmanageable debt in a reasonable amount of time with minimal negative impact on your credit score. Other options, like bankruptcy, can have more severe consequences but may be a better solution for those who are unable to make any headway with their debt through other means. Talk to one of our Licensed Insolvency Trustees to learn more about the different options and find the best solution for you as not all credit consolidators and debt management services provide adequate advice on all options.

When it comes to getting out of debt, there is no one-size-fits-all solution. That's why Powell Associates Ltd. offers a variety of debt consolidation services to choose from, so you can find the option that is best for your unique needs. Our experienced team will help you every step of the way, from choosing the right solution to implementing it and paying it off.

The disadvantage of debt consolidation is that it can have negative consequences for your credit score if you don't carefully choose the option and follow through with the plan. It's important to work with an experienced team like Powell Associates Ltd. to ensure you make the best decision for your unique situation and avoid any avoidable negative impacts. Our debt consolidation service will ensure you understand all of your debt relief options and make the most appropriate decision for you.

There are a variety of debt consolidation options available, and not all of them involve taking out a loan. Talk to one of our Licensed Insolvency Trustees to learn more about the different options and find the best solution for you.

Our goal is to help you consolidate debt without taking on any additional loans, however, if it makes sense for your situation we will let you know. Debt consolidation loans work by allowing you to consolidate multiple payments with a new loan, and a single monthly payment.

We will cover all of your relevant debt consolidation options including, but not limited to: debt consolidation loans, debt management plans, bankruptcy, consumer proposals (often referred to incorrectly as a government debt-relief program), credit counselling, and debt settlement.

Unlike debt consultants, we are licensed and regulated to provide debt relief services to Canadians.