Anyone who lives in Canada can take advantage of the Canadian debt consolidation loan. If you are unsure of what a Canadian debt consolidation loan is you have come to the right place. Any consolidation loan is where you have a single loan with a single monthly payment which has consolidated two or more debts that you previously had. In other words, if you have a mortgage, car loan, two credits cards, and student loans you could get a Canadian debt consolidation loan. This loan would be able to, theoretically, give you one monthly payment with one interest rate.
We say theoretically because there is only one way to combine all that we mentioned and that is a home loan. A home loan that is a Canadian debt consolidation loan has allowed you to refinance your home loan to take out equity. The equity was then used to pay off the other debts you had. There are disadvantages with this plan. You may not have enough equity to pay off all the debts that you have. That is the largest disadvantage. Another is that you may find a company is unwilling to refinance your current mortgage due to the current economic status of Canada.
Like many countries, Canada was not immune to the bank crisis or its global impact making any home loan even the Canadian debt consolidation loan harder to obtain. The good news is that some of the other Canadian debt consolidation loan products are still on the market. Unsecured loans are offered to high risk consumers with higher interest rates than secured loans. The unsecured loan is still being offered even though some of the mortgage loans are being restricted. You may want to look at how this loan can help you. It may also be too high a risk for your current situation. The worst thing you could do is stop working towards a debt solution. You may not find one that is ideal, but you can at least get a loan or solution that will alleviate some of the difficulties you are facing.