BC Debt Consolidation Help

Get your finances back on track by exploring all your options.

Debt Consolidation in BC
Objective Non-Profit Options & Advice Beyond What Most Consolidation Companies Offer

Have you been declined for a debt consolidation loan in BC by your bank or any consolidation companies you’ve spoken to? Are you struggling to keep up with your bills? Don’t let stress and worry get to you. We can help.

What is Debt Consolidation?

Debt consolidation refers to taking a loan to pay off all other loans. It is about consolidating all debts into one for a more streamlined repayment process. Convert all loans into one large one for a better perspective and favourable pay-off terms, like lower interest rates and monthly payments. You can consolidate your debt in several ways, like taking a bigger loan or another credit card with more credit limits to pay off other credit cards.

There are many advantages to debt consolidation. For starters, it simplifies your budget, as you have fewer monthly bills to keep track of, making it easier to manage your finances. It also helps you save money, as you may get a lower interest rate. Instead of multiple monthly payments, you have one lower monthly payment. It also helps you improve your credit score if you are able to make monthly payments on time. However, debt consolidation is a smart decision only if you qualify for a lower rate. Otherwise, you might end up with a higher rate. It is suitable for you if you can make payments on time.

What is a Debt Consolidation Program?

A debt consolidation program is a service designed to help people pay off their outstanding debt. You can access different tools and resources to develop a loan repayment strategy in this program. You will be more capable of managing your existing debt and also have a better perspective on becoming debt-free.

You can enroll yourself in our debt consolidation program by contacting us! We will review your financial situation, expenses, debt level, and income. We will also create a realistic budget and a debt management plan best suited to your needs and requirements.

Debt consolidation is often one of the most preferred ways to pay off debts when people find themselves juggling between different bills and monthly payments. It makes the entire process much easier and more manageable.

What not many Canadians know about debt consolidation is that you don’t have to take a new loan to consolidate your every loan. You can also do it by considering non-borrowing options. We will help you understand this better to create a favourable financial situation.

Types of Debt Consolidation

There are different types of Debt Consolidation, depending on the source of funds and the new loan terms. Here are some common types of debt consolidation.

Personal Loan: Personal Loan is a type of unsecured loan one can use for any purpose, even debt consolidation. The interest rate and terms solely depend on the borrower’s credit score, income, and financial stability. It can help you consolidate debts with high-interest rates, but to get lower interest rates, you need a good credit score and stable finances. Otherwise, you can seek other options.

Balance Transfer Card: This refers to a type of credit card with low or zero interest for a limited time. You can benefit from this promotional period by transferring your existing debts to the balance transfer card, paying them off and saving on interest. It can help you save money on interest and also pay off your debt faster.

Home Equity Loan or Line of Debt: It is a type of secure loan that uses your home as collateral. One can borrow a certain percentage of the home’s value minus the outstanding mortgage amount. The borrowed amount can be used for debt consolidation; you can benefit from the low-interest rates.

Debt Management Plan: This is a non-borrowing option. A debt management plan is a type of service offered by non-profit credit counselling agencies like ours to help you manage and pay off your debts. You work with a counsellor who negotiates with your creditors to negotiate and seek a better deal, a better repayment plan and lower interest rates.

We’re Here to Help You Find the Right Option – Solutions for Problems Credit Cards, Debt Consolidation Loans, or Bad Credit

You can have one of our experienced, professionally certified counsellors walk you through all your options and help you find the solution that will work best for you—regardless of whether bruised credit, bad credit, maxed out credit cards or other issues have prevented you from getting a debt consolidation loan. As a non-profit organization, all of our debt consolidation advice is objective and completely tailored to your financial situation and priorities.

We Can Help You Get Your Finances Back on Track, Save Money and Pay Off Debt

Our counsellors can help you get started right away with a plan to:

Explore all your debt consolidation options to deal with your debt and regain financial stability
Repay your debt with one affordable monthly payment
Effectively manage all of your bills and living expenses
Save thousands in interest

Frequently Asked Questions

Should I consolidate my credit card debt?

If you are carrying debt on multiple credit cards and would like to consolidate your debt into one monthly payment at a lower interest rate, then consolidating your credit card debt would probably be a good idea as it will simplify your payments and save you money on interest.

In addition to traditional debt consolidation which consolidates multiple debts together into one new loan, there are also debt relief methods such as the Debt Management Program, which consolidate credit card payments together into one affordable, monthly payment.

How can I qualify for a debt consolidation loan?

To qualify for a debt consolidation loan, you must have a good credit score, somewhere between 600 to 700. You should have a stable income. A lender will also consider your assets. The higher your income, credit score, and assets, the larger loan amount they will consider offering you. If you’re having trouble obtaining a consolidation loan, speak with a credit counsellor. They’ll help you explore all your options and create a plan to cover all your bills plus help you move forward.

How does debt consolidation affect my credit score?

Debt consolidation can affect your credit score either negatively or positively, depending on how you approach it and manage your debts afterwards. Initially a consolidation loan will decrease your score, but as you pay it down, your score will increase.

Who qualifies for debt consolidation?

Debt consolidation is most suitable for people with multiple debts with higher interest rates. It is for people who want to simplify the repayment process and save money on interest rates. However, one must have a good credit score, a low debt-to-income ratio, collateral, and stable income to qualify for low-interest rates and favourable loan terms. The less you meet this criteria, the higher interest rates you will be charged and the less likely it will be that you qualify for a loan.

How much debt is needed to consolidate debt?

There is no pre-defined number. Some lenders will lend small amounts of money to consolidate bills and debt, but others may only be interested in lending out $5,000 to $10,000 or more.

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Find Out What Options May Be Available to You
by Answering 9 Simple Questions

Just answer these easy, multiple-choice questions to get a look at your potential options. Within a few minutes, you'll be looking at summarized options and results that apply specifically to your situation.

Discover Your Options

Self Assessment of Debt Relief Options

1. How would you describe your financial situation? Please move the slider along the scale to reflect approximately where you feel you're at.

I can cover all my expenses each month, plus have the ability to save.

I can cover my monthly expenses, but I need to borrow, work extra, etc.

I can no longer cover all my expenses every month.

2. Which of the following best describes you?

I pay off my balances in full each month I carry a balance but my debts are in “good standing” I carry a balance and I am behind in my regular payments I am receiving collection calls, letters, or threats to repossess assets I have been sued by one or more creditors

3. How stressed do you feel about your debt?

Not stressed

Somewhat stressed

Very stressed

4. Do you have any of the following significant assets? (Check all that apply)

Vehicle(s) Property Investments

5. Do you have any of the following secured debts? (Check all that apply)

Mortgage Vehicle Loan Line of Credit (Secured) Loan (Secured)

6. Do you have any of the following unsecured debts? (Check all that apply)

Credit Card Line of Credit (Unsecured) Payday Loan Overdraft (Unsecured) Outstanding balance with a service provider (phone/internet, utilities, gyms, etc.)

7. Do you have any of the following government debts? (Check all that apply)

Canada Revenue Agency (CRA) Debt Student Loan

8. What have you done up to this point for your debt? (Check all that apply)

I have contacted a bank or credit union for help. I have contacted a financial professional. I have discussed my situation with friends or family. I'm not sure where to start. I have done some research but need help understanding things. I don’t have any income to work with.

9. What province or territory do you live in?

Calculations - Hidden from Users

General Numbers: Income: $ People in Household: Housing Expenses: $ Food Expenses: $ Transportation: $ Medical Expenses: $ Support Payments: $ Home Value: $ Mortgage Balance: $ Other Assets: $ Government Debt Amount: $ Secured Debt Amount: $ Unsecured Debt Amount: $ Debt Payments: $ Debt Payments as % of Income: %

Debt Relief Numbers: Needs Help?: Assets can pay off consumer debt?: DMP Qualifier Redline (Debt to Income Level): % (Line at 23%) Debt Amount > Min: '' (5K+ Ideal, 3K Min) Income: $ - Survival Expenses: $ Income - Survival Expenses: $ Minimum DMP Payment: $ Can afford a DMP: Qualifies for DMP: Consumer Proposal: Debt over $5,000?: Lowest CP Payment Est.: $ Enough income for CP payments? : , $ Bkrpt Exemption Amount: $ Amount over(+)/under(-) guideline: $ Over $200 above guideline?: Qualifies for CP: Insolvency Insolvent?:

Canadians We Helped Interviewed on the News

From time to time, the news media interviews some of those we helped who are comfortable sharing their story publicly. Below are three of these experiences with the Credit Counselling Society.

Julia Fletcher is interviewed by Global TV after consolidating and paying off her debt with no interest with help from the Credit Counselling Society. Watch News Clip

CTV News reveals how Dan Robinson consolidated and paid off $30,000 in debt with no interest with help from the Credit Counselling Society. Watch the News Story

Charis speaks with Global TV after consolidating with us and nearly paying off $67,000 on 13 credit cards. See the Segment

You can check out even more of the Credit Counselling Society in the news.

Providing the Best Non-Profit Consumer Debt Consolidation Programs, Interest Relief & Credit Counseling Services to British Columbia

As a non-profit service, the Credit Counselling Society has been helping people consolidate their debt payments and manage their finances more effectively since 1996. Our organization has helped hundreds of thousands of Canadians, and we’ve grown to become Canada’s largest credit and debt counselling service with local Counsellors in offices across much of Canada. We’ve earned the Better Business Bureau’s highest rating of accountability, won over 80 awards for exceptional service, and now 98% of our clients surveyed report they would recommend us to others.

Contact us to learn more or make an appointment with a counsellor. Our appointments are completely free, confidential, and non-judgmental. Call us now at 1-888-527-8999.

It’s Okay to Ask for Help with Debt

“Life just happened. My debt got to the point where I started to feel like I was drowning. I didn’t feel like I could fix it on my own, and I wanted to start living my life as an adult without debt. I decided to reach out for help. Feeling relieved, I knew that everything was going to be okay – a lot of work – but okay. I had a plan to pay back my debt and continue doing the things I love to do like yoga and travelling.”

– Yasmine

Learn More About Various Debt Consolidation Options That are Available

If you’re not ready to talk to anyone yet about your situation, we have more resources you can use to explore all available debt consolidation options on your own.

When you’re ready to speak with someone about your consolidated credit and payment options in BC, give us a call, reach out online, or visit our office nearest you.

We also help people who think they may need to go bankrupt explore all their alternatives to bankruptcy that are available in BC to see if there is another less drastic way to get out of debt and back on track.

Have questions?

Having trouble with your debts?

We can help. Give us a call at 1-888-527-8999 or send us a quick note to call you back and we’ll be in touch to answer any questions you may have about debt. We’ll help you find a solution that works best for you.

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Ensuring Your Interests are Always First

In everything we do, our goal is to always put the interests of consumers first and do what is best for them. Two important ways we pursue this is through transparency and accountability. We are held accountable to the highest and most demanding standards in our industry.