The Truth About Debt Consolidation Loan

Debt Consolidation is just like Refinancing, where one prefers bigger loan with minimal interest rate rather than paying up a list of smaller loans with different interest rate (including credit card bills, home loan, student loan and late fees charges). It is the method to reduce monthly loan payments and rising the total cash flow.

The Debt Consolidation loans can be of two types:

• Secured Debt Consolidation Loans

• Unsecured Debt Consolidation Loans

Secured Debt Consolidation Loans: These are cheap/ low interest long term loans that are secured aside with one's personal assets like property, jewellery, Bonds etc. If there is no credit/ bad credit, sometimes this loan is the only hope. Loan structure is fixed monthly payments last from 60-240 months. Mortgage loan, auto loan, equity loan, equity line of credit loan come under secured debt consolidation.

Unsecured Debt Consolidation Loans: These are expensive/ high interest short term loans that does not need anything to restrain as a collateral. Such loans include flexible payment options and can be taken by a person having a good credit score. Credit card loan, personal payday loan, student loan come under unsecured Loans.

Debt consolidation Process: The basic debt consolidation process includes the given possible steps:
1. Observation of current financial situation and find out whether debt consolidation is a right solution
2. Getting debt advice from an experienced financial consultant who is fully trusted in the city
3. Establishment of debt consolidation agreement
4. Preparation of the maximum monthly payment plan according to current values
5. Debt Relief procedures
6. Future debt management plans

By consolidating high interest credit loans, one can enjoy the relief and freedom from creditors and improve its credit to cover up all the loans. The key benefits of a debt consolidation loan are:

• Reduce the interest rates

• Minimize monthly payments

• Stops Creditor's Harassment

• Avoid Bankruptcy

• Easy Management Plans

• Eliminate Stress

Alberta Debt Consolidation:

If you are looking for debt consolidation loans in Alberta, Canada then exploring consolidation loans at McGuire Financial Group is a secured option for you to get free of your debts faster. The company CEO, Glen P.Zacher and experienced co-workers or financial experts are serving Canada people for 18 years and has pledged the best possible debt relief options. The team also teaches its clients how to manage their credit after consolidating all loans. You can directly contact the team by calling on 1.780.462.1289.