However, if you have a lot of credit card debt then unfortunately your loan is not secured and so consolidating your debt will require some sort of creativity.Let’s discuss the different methods you can use to consolidate your debt: 1.This should not be relied upon as specific financial or other advice.Actual results and loan or line of credit payment amounts and repayment schedules may vary. Applicants must meet CIBCs lending criteria; all personal lending products are subject to credit approval. Products and their interest rates may change at any time without notice.
When we take stock of our finances, it can be easy for our debts to overwhelm us.
Debt consolidation is achieved by grouping all of your smaller debt accounts and paying them off with one larger loan.
The advantage of consolidating your debt is that usually small loans are obtained at high interest rates, while large loans are obtained at lower interest rates.
– These are the most often asked questions by people with significant student loan debt.
Students may not have the life experience to real understand how credit operates and often do not consider a plan for repayment.