Get out debt without consolidating
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Moving the balances of your credit card accounts into an installment loan for purposes of consolidation may cause a slight drop in your credit score.
Make sure that you always pay more than your minimum payments on you credit cards, overdraft, or line of credit.
If you only make your minimum credit card payments each month, it can literally take forever to pay off your balance.
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A credit score is derived from items reported in your credit file.
It uses a complex mathematical algorithm to come up with a score that predicts whether you are more or less likely to default on your next loan.
If you pay the minimum balance on your credit card, it takes you much longer to pay off your bill.When it comes to debt consolidation Canada is seeing increasing numbers of its residents looking for a way to reduce the number and amount of monthly debt payments.