Debt Consolidation

If you are having trouble staying on top of your debt payments, it might be time to consider debt consolidation. Designed to simplify your finances by combining multiple debts into one manageable payment, debt consolidation is a smart way to regain control over your financial situation.

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What is Debt Consolidation?

Debt consolidation is a smart way to simplify your finances by combining multiple debts—like credit cards, car loans, or personal loans—into one manageable payment. With a single loan at a lower interest rate, you can reduce the overall amount you owe, pay off your debt faster, and vastly increase your cash flow while still paying off your mortgage.

Our bespoke debt consolidation solutions are designed to fit your financial needs, helping you regain control and peace of mind. Whether you’re overwhelmed by high interest on your debt or simply want a more efficient payment plan, we’re here to guide you toward financial freedom.

To help you see how debt consolidation can simplify your finances and provide relief, here’s an example of how our solution works.

Problem Solved

Our client, Jennifer, was temporarily laid off due to the pandemic and incurred a lot of debt as a result. She accumulated approximately $18,000 of debt from her Visa card, 2 overdue car payments, and a looming CRA payment.

We were able to consolidate all of Jennifer’s debts with her existing mortgage and built-in 12 months of payments to help her with cash flow. MonsterMortgage.ca’s lending criteria are based on the equity in the property, not credit scores, which is why we were able to provide customized solutions the bank was unable to offer her. After clearing up her debts, Jennifer’s credit score improved within 12 months, and she refinanced her fully open mortgage with Scotiabank.

The Monster Difference

Our Customers Are Our Priority

With over 25 years of experience, we’ll work closely with you to assess your eligibility for different debt consolidation options, considering your financial situation and both short-term and long-term goals.

Get All The Facts

We’ll spend time understanding your needs and providing you with all the details and options to make an informed decision. Our independence allows us to focus on working for you. We partner with numerous lenders so we can find you the most advantageous deal.

Our Reputation

We are an award-winning Canadian mortgage brokerage firm with a weekly call-in show on CP24. We believe in giving back to our community. Over the years, we’ve proudly supported various community initiatives, including a 14-year partnership with the City of Toronto to raise millions of dollars for seniors.

Lower Interest Rates

Consolidating your debt often enables you to lock in a much lower interest rate than what you’re currently paying on multiple high-interest debts, such as credit cards or personal loans. This reduction in interest can significantly decrease the overall amount you’ll need to repay, making your monthly payments more manageable and saving you money in the long run.

Single Monthly Payment

When you consolidate your debt, you roll multiple debts into one loan, which means you only need to handle a single monthly payment instead of juggling various due dates and amounts. This simplifies your finances, reduces the risk of missed payments, and helps you maintain a more organized budget.

Improved Cash Flow

Many of our debt consolidation solutions come with flexible repayment terms, which can lower your monthly payments. This improvement in cash flow gives you breathing room to focus on other financial priorities, whether that’s building an emergency fund or investing.

Boost Your Credit Score

Your credit score can improve over time as you make regular payments on your consolidated debt. With fewer missed or late payments and a lower debt-to-credit ratio, you’ll be in a better position to qualify for future loans or mortgages at more favourable rates, enhancing your overall financial health.

A Simple Path to Big Savings

Curious about how debt consolidation can save you money and simplify your finances? Check out our blog.

Frequently Asked Questions

How does debt consolidation work?

Debt consolidation combines all your debts into a single loan. With the right terms, this can lower your monthly payments, help you pay off debt faster, improve your credit score, and make managing your finances simpler.

Is debt consolidation a good way to get out of debt?

Debt consolidation helps you organize and simplify your current debt. When used effectively, it can save you money as you won’t be paying as much interest over time and allow you to get out of debt quicker.

Can I still use my credit card after debt consolidation?

Yes, you can usually continue to use your credit cards after debt consolidation, as it typically does not require closing your credit card accounts.

What types of debt can be consolidated?

Most types of unsecured debt, including credit card balances, personal loans, medical bills, and family loans, can be consolidated.

Will debt consolidation affect my credit score?

Debt consolidation itself does not directly impact your credit score, but how you manage the new loan can. Successfully consolidating and making timely payments can improve your credit score, while missing payments can have a negative effect.