Can My Bank Consolidate My Debt?
It’s a fact of life that many Canadians carry debt. And often that debt is carried by the bank that you do your day to day banking with. Is this the best place to go to consolidate your debt? Let’s find out.
Is it Possible To Consolidate With My Bank?
The short answer is yes.
As long as you have excellent credit then your bank can offer you an unsecured line of credit that is based on your credit score and your other financial holdings with them to determine how much you can borrow and at what interest rate.
Debt Consolidation Calculator – RBC
TD Debt Consolidation Calculator
Debt Consolidation Calculator – B2B Bank
If you already have unsecured lines of credit with your bank and maybe a credit card or two with their names on it then is the answer still a yes?
It depends. Typically at this point your banker will discuss with you the options of refinancing your mortgage towards amalgamating these debts.
Read more about all the things you need to know about Debt Consolidation Loans.
Plenty Of Bank Options
Now here is where a surprising amount of debt holders miss it. You hold debt in credit cards, personal loans, unsecured lines of credit, auto loans, and even mortgages. But your banker isn’t the only (or even the best) option for your specific circumstances.
I relate it to the difference between a cafeteria style dining experience or enjoying a custom menu culinary delight. If you only approach your bank then you not only are going to get a one size fits all solution…you are also working with a representative who can’t speak to you about what else is on the Debt Consolidation menu!
And even broader and better are the options once we are outside of the thought that only the big banks can provide the best solutions.
Speak to someone who knows you or gets to know you. Unfortunately, with the big banks you are often having to deal with someone new who doesn’t know you and your story. I take the time to learn about my client’s needs and ask the questions that will help you get the best Debt Consolidation for today…and I will remember you tomorrow!
Consolidating Your Debt With The Best Bank Lender
So you push back from the table and look your spouse in the eye. You are fed but not satisfied. The one size fits all solution from the bank isn’t sitting well.
My hope is that you would take the time and explore all your options. And as your mortgage chef I would bring you out a choice selection of the best Debt Consolidation Loan options for your perusal, including the bank’s offerings. Then you can decide to have the best interest rate, loan structure, and the most flexibility to boot.
Right this way sir or madam…your table awaits by contacting me today!