There are two ways to find out whether a debt consolidation loan works for you: math and your own behavior.
If you have a lot of unsecured debt such as student loans or credit cards, debt repayment can take up a significant chunk of your monthly budget. In Canada, debt repayments occupy such a large chunk of the average persons monthly income, that over half of Canadians have less than $200 to spare after all of their expenses. That can quickly be eaten up as rising interest rates could cost up to another $120 per month between credit cards, student loans, lines of credit, and mortgage or car payments.
High interest payments can make repaying your debt a frustrating process. Every month, you…
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