{"id":5521,"date":"2018-02-16T18:08:28","date_gmt":"2018-02-16T23:08:28","guid":{"rendered":"https:\/\/pierreroy.com\/?page_id=5521"},"modified":"2023-07-20T19:56:16","modified_gmt":"2023-07-21T00:56:16","slug":"debt-consolidation","status":"publish","type":"page","link":"https:\/\/pierreroy.com\/en\/debt-consolidation\/","title":{"rendered":"Debt Consolidation"},"content":{"rendered":"<section class=page-section>\n<div class=\"container container_12\">\n<div class=\"grid_12 text-center\">\n<h2 class=super-title>Debt Consolidation, Is It for Me?<\/h2>\n<\/div>\n<div class=clear><\/div>\n<div class=grid_7>\n<p>Before declaring bankruptcy, it is better to evaluate all the options available. Debt consolidation is a popular alternative to <a href=\/en\/personal-bankruptcy\/ >personal bankruptcy<\/a>. It reduces debt without tainting your credit history. <strong>A debt consolidation is, however, a solution which is not accessible to all.<\/strong><\/p>\n<h2>What is a Debt Consolidation?<\/h2>\n<p>To keep things simple, making a debt consolidation is getting a single loan from a financial institution to pool all debts and thus have only one monthly payment.<\/p>\n<h2>Banks General Criteria of Acceptance<\/h2>\n<p>Before accepting your debt consolidation application, the bank will check the state of your personal finances. It will rely mainly on the following criteria:<\/p>\n<ul>\n<li>Having a <a href=\/en\/debt-ratio\/ >debt ratio<\/a> of less than 40%.\n<li>Having a decent credit rating.\n<li>Having a stable job.\n<li>Being able to demonstrate that it is possible to repay the loan while continuing to pay regular bills.<\/ul>\n<p>In addition, the bank will often ask:<\/p>\n<ul>\n<li>That a solvent endorser guarantees the repayment of the loan.\n<li>That you cancel your existing credit cards.<\/ul>\n<h2>What are the Advantages of Debt Consolidation?<\/h2>\n<p>In addition to avoiding bankruptcy, debt consolidation has several advantages, including:<\/p>\n<ul>\n<li>A generally lower interest rate.\n<li>Simplified financial management with a single monthly payment.\n<li>Maintaining a good credit rating.<\/ul>\n<h2>Warnings and disadvantages?<\/h2>\n<ul>\n<li>The interest rate (12% or more).\n<li>Does the monthly payment respect your ability to pay?\n<li>There is the risk of continuing to go into debt (new credit cards).<\/ul>\n<\/div>\n<div class=grid_5>\n<div class=\"box border-box\">\n<p>Before opting for a debt consolidation, we invite you to contact us so that we can evaluate your situation. The evaluation is free of charge and completely confidential.<\/p>\n<p><a href=\/en\/contact-us\/ class=\"button red\">Contact Us Now \u2192<\/a><\/div>\n<div class=\"box light-blue-box round-box\">\n<h4>A Debt Consolidation or a Consumer Proposal?<\/h4>\n<p>Do you know what is a <strong>consumer proposal<\/strong>? A consumer proposal is an offer of repayment made to your creditors that allows you to reduce your debts up to 70%. If debt consolidation is not for you or if your bank declined your application, then the consumer proposal might be your best option!<\/p>\n<p><a href=\/en\/consumer-proposal\/ class=\"button red\">Learn More \u2192<\/a><\/div>\n<\/div>\n<div class=clear><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Debt Consolidation, Is It for Me? Before declaring bankruptcy, it is better to evaluate all the options available. Debt consolidation is a popular alternative to personal bankruptcy. It reduces debt without tainting your credit history. A debt consolidation is, however, a solution which is not accessible to all. What is a Debt Consolidation? To keep [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7409,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-full.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-5521","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt Consolidation - Pierre Roy &amp; Associ\u00e9s<\/title>\n<meta name=\"description\" content=\"Debt consolidation consists of paying off your debts with a new loan offering a better interest rate and more affordable monthly payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/debt-consolidation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt Consolidation - Pierre Roy &amp; 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