Alberta Debt Consolidation
One loan replaces several. You still repay the full balance.
- Simplify finances with a single monthly payment
- Save time
- Better for your credit score in the long term
- Pay lower interest rates
- Reduced monthly payment amount
- Pay directly to creditors
- Allows you to fix your budget
Published Updated
- Reduces what you owe Interest only
- Legal protection No
- Who provides it Bank or lender
When researchers try to get a good sense of the financial state of Alberta’s residents, there are a variety of figures to consult. As with the rest of Canada, the picture these figures paint is a mixed one that includes encouraging signs as well as many discouraging facts.
For example, recent research by Equifax shows that how much debt Albertans are taking on has dropped much more significantly (2.64%) than the rest of Canada (0.6%). On the other hand, the research also reports that, per capita, Albertans have the highest amount of debt ($25,172) and rate of delinquency (1.26%) in Canada. As household debt increases people become weighed down with doubts regarding their ability to pay what they owe. This, in turn, makes it more likely that the rate of personal bankruptcy will increase in the province.
Those facing a mountain of consumer debt have several options to help them reduce their debt and get their finances under control. Debt consolidation is one of these possibilities, and many households are using debt consolidation loans to lower their average interest rate and pay off debt faster. By consolidating debts, residents can make a single payment per month. Single payments are easier to manage and often help build your credit back up after it's been damaged.
If debt consolidation isn't good enough, a trustee can put together a consumer proposal to work out principal reductions and a payment plan with your creditors. The rules for such proposals are detailed and stringent, and that is why many people prefer debt settlement instead.
Unlike Alberta debt consolidation loans, debt settlement will reduce both your principal and your interest. The drawback to debt settlement is that it will affect your credit rating more than consolidation. Every strategy has its advantages and drawbacks. Fill out our online debt relief form to learn about the Alberta debt relief program that will save you the most money and get you out of debt faster.
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Related to: Alberta Debt Consolidation
What Canadians tell us
“Everything is well laid out and you are left in no doubt what to do next. Everyone I talked to listened to me and were very personable.”
“I really and truly, finally can look at retirement in a positive light.”
“I foresee getting back in control of my debt. The stress was making my health worse. I feel there is a light at the end of my tunnel.”
Free Savings EstimateFree, confidential, and no obligation.
1 (844) 845-4219Find out if debt consolidation is right for you
Tell us roughly what you owe and we'll show you what your options could look like.
- Simplify finances with a single monthly payment
- Save time
- Better for your credit score in the long term
- Pay lower interest rates
