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Debt consolidation is a popular (and legal) way to significantly lower your debt in Canada.
In this guide, 20-year financial expert Paul Murphy takes you through the basics of why Canadians use debt consolidation.
It’s a long article—but if you stick with me, you’ll know more about this highly effective method for reducing debt than 99% of Canadians.
Debt, as you know, is a struggle against interest payments. And once your debt rises above ,000, it becomes very hard to pay down the interest.
In this article, I’m going to explain in very simple terms the basics of debt consolidation.
At 4 Pillars, for example, we create strategies to help Canadians restructure over 1 million dollars worth of consumer debt every day.
This is a legal and ethical way to get out of your overwhelming debt situation.
It’s sad to see so many Canadians struggling to manage their finances. By the end of this short guide, you’ll know more about debt consolidation than most Canadians.
And when it comes to debt, things become really murky. I’ll answer the questions I hear all the time from 4 Pillars clients including: Debt consolidation involves taking out one big loan to pay off many small loans.
However, you can also use your existing assets (such as your home) to have even more leverage with creditors.