Question: I have three credit cards that I would like to get a debt consolidation loan for a total of approximately $18000. I have the money to make the payments however my concern is the high interest rate on two of them each 19.5% and the third 11.5%. I would like to consolidate them with one payment and a lower interest rate. Would this be possible and what is the interest rate.
Answer: The interest rate charged will depend on your credit report rating, and whether or not you have anything to pledge as security. If you qualify at your bank, and you can afford to make the payments, a debt consolidation loan is a good option.
If you don’t qualify for a debt consolidation loan a consumer proposal or a bankruptcy in Canada are other options.
You should consult a Winnipeg bankruptcy trustee for more information.
