Cconsolidating debt txt 18


"If you can get all of your debt into one easy monthly payment with a decent interest rate, that's a good thing," says Debbie Gillis, credit counseling manager of K3C Credit Counselling in Kingston, Ont. But it's a great opportunity if you're determined to get out of debt faster." To do that, consider cutting back on discretionary expenses such as restaurant meals and travel, as well as consolidating some of your bill payments to save on fees.

"It will also help restore your credit score if you make that payment diligently for a year or more and don't seek out any more credit." But remember, to make this strategy work, you have to be determined not to get into debt again. For instance, bundling services like phone, TV and internet can help lower your monthly bill.

So you miss out on the benefits that consolidation brings, like saving on fees, better rates for your outstanding debt and a clearer picture of whether you're really meeting your financial goals." The easiest place to start consolidating is with your bank accounts-especially if you use several different financial institutions.

Use this same approach with your investment accounts.Cover unexpected personal expenses, consolidate debt, take a dream vacation - all with one easy, low-rate signature loan.With a fixed term and low rate, a signature loan may be the perfect solution for larger purchases you need a little time to pay off. With this loan, your funds on deposit act as your collateral."It's like a mosquito that buzzes around your head and then starts gnawing at you until you do something about it." In fact, the more your finances are spread between financial institutions, the more likely you are to be inundated by needless paperwork.And while you deal with that distraction you become susceptible to costly mistakes, like paying a bill late or writing a cheque on the wrong account and getting slapped with overdraft fees.A Personal Loan from SCE FCU is a great way to get a loan based on your good credit.

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