Consolidated Credit Canada Review (October 2022): Pros, Cons, Features, & Pricing

Many Canadians struggle with long-term debt, which can be challenging to manage for years. Consolidated Credit Canada offers services and assistance for individuals looking to get out of debt and manage their finances more effectively in the future. Check out our Consolidated Credit Canada review for information about how they can help.

It’s a great company to consider if you’re looking for a solution to mounting bills, installment payments, and large loans that are difficult to manage. Consolidated Credit Canada works with Canadians who may experience changes in their income, employment, and other circumstances in life that impact their overall ability to pay significant bills.

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Last Updated: Sep 26, 2022

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Consolidated Credit Canada

  • More than 500,000 Canadians helped in 10 years
  • Almost $500 million in debt eliminated
  • 300+ hrs. of education offered each year

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How to Apply for Consolidated Credit Canada’s Services

If you’re considering a credit counseling service, Consolidated Credit Canada makes it easy to get acquainted with the services, products, and counseling they offer without any obligation. To get started, all you need to do is provide essential information to assess your finances and situation accurately.

In our Consolidated Credit Canada review we found that some of the details you’ll need to provide are your full name, address, citizenship status, income and employment details, the amount of debt you have, and other factors that may impact your financial circumstances.

It’s easy to register, and this can be done quickly online or by phone. Once Consolidated Credit Canada has your information, you’ll have access to a free consultation to assess which products and services are best for you. At the very least, you’ll benefit from a course to help you navigate through various options for handling debt and managing your finances.

Once you sign up for your free consultation session, you’ll meet with a credit counselor, and you’ll have an opportunity to review all the products and services available to you and which options may work best for you.

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Services and Products Offered by Consolidated Credit Canada

Next in our Consolidated Credit Canada review we’ll check out what they have to offer. There’s a great selection of services and products, which depend on your specific situation, including bills, loans, and projected expenses in the future.

Consolidated Credit Canada is a non-profit agency specializing in helping Canadians find the best solution for small, moderate, and large-scale debt. If you’re uncertain which option works best for you, the company will offer one free consultation session to assess your options with a Licensed Credit Counsellor.

When you initially sign up with the firm, you’ll want to review the various courses and educational tools they offer. Credit counseling services are another excellent option to consider, once you initially meet for your free session, to help you learn financial management skills. If your debt is more significant, you may want to review debt consolidation, bankruptcy, and consumer proposal options.

Debt Reduction Options and Services

Consolidated Credit Canada offers several procedures and services if you’re looking to reduce small or moderate amounts of debt. Debt consolidation is a popular option that allows you to combine all your debt into one loan. This process is done by negotiating with your lenders and consolidating all the payments into one monthly installment, often with a lower interest fee. Your credit counselor can help you contact your creditors through a third party, such as a bank or financial company.

A debt management program works similarly to a debt consolidation loan, offering professional services with your credit counselor contacting your lenders and arranging for repayment on your behalf. While a consolidation loan allows you to combine all debt into one single loan, making payments more accessible, this plan works similarly.

However, you’ll still own lenders the individual loan amounts until the agreed-upon installments are made, and all the debt is paid off in full. Another option to consider is a debt settlement, which allows you to pay off all your loans in one lump-sum amount. This plan requires negotiation with lenders, and if there is an agreement, you may pay a lesser amount at a reduced interest rate.

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Bankruptcies and Consumer Proposals

Suppose you’re struggling with a significant amount of debt that’s not quickly resolved through a consolidation loan or similar agreement. In that case, you may be a candidate for bankruptcy or a consumer proposal. If you choose consumer proposal as an option, this is ideal if you have unsecured debt up to $250,000 or $500,000 for married couples.

If you qualify for a consumer proposal plan, you’ll need to negotiate a payment plan for the total debt over no more than five years. This option is ideal if you have access to regular income to make the payments, and you can pay off the total amount of debt early, without penalty.

A significant advantage of consumer proposals is that you won’t have to liquidate your assets, and nothing will be seized, as you’ll be expected to pay the total amount of the debt. Bankruptcies are another option if you’re in serious debt, and a payment plan for the total amount owing is not affordable. You’ll need a minimum of $1,000 in unsecured debt, and there is no maximum.

If you choose this option, you’ll need to surrender assets, including investments, savings, vehicles, and real estate. While bankruptcy is a significant shift from other debt management services and consolidation loans, you’ll have a chance to pay off all the debt at a reduced rate. You may also have the bankruptcy discharged in less than a year if everything is settled and payments are made without delay.

Pros of Consolidated Credit CanadaCons of Consolidated Credit Canada
+ First consultation is free
+ Highly skilled counsellors
+ Improve your ability to make payments
– Fees for service
– No guarantee of improvement

The Benefits of Consolidated Credit Canada

You’ll find this company offers incredible benefits, including better financial management with helpful courses and credit counseling services, taking greater control of your finances and debt, reducing interest rates, and finding alternatives to paying off debt with lower fees.

You’ll have the option of exploring services and products that help you reduce or remove unnecessary expenses to improve your credit rating and reduce debt so that it doesn’t negatively impact your life.

When you register for services and products through Consolidated Credit Canada, you’ll receive valuable advice and services from a licensed credit counselor, so you can rest assured that you’re getting the best strategies and options for your financial circumstances.

You’ll also have the advantage of a free credit counseling session when you initially register and access to many great options to consider for your situation.

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Disadvantages of Consolidated Credit Canada

A few drawbacks may occur if you sign up with a credit counseling service. There are fees charged for counseling services, courses, and products, which vary depending on your situation, though some fees may not be as affordable. Your credit rating may be impacted and recorded in your credit history, though in the long term, you’ll see an improvement if you make regular, timely payments on your agreement.

Suppose you’re concerned about the impact on your credit report. In that case, it’s essential to discuss these concerns with your credit counselor to understand the impact on your future, including your credit score. When you’re ready to commit to a plan to reduce and eliminate your debt, it’s essential to realize that credit counseling services and solutions are not always a quick fix, and there is no guarantee.

Individuals are required to commit to more than reducing debt, as once your loans are paid in full, you have an excellent opportunity to restart your budget and financial management. It would help if you made those changes for an improved budget, spending, and saving strategy, as this may also impact your credit rating and eligibility for a loan or mortgage.

Getting Started with Credit Counselling Services

When you’re ready to start Consolidated Credit Canada, you won’t have to provide as much information as you would with a credit card company or bank. You can also sign up for free and access educational tools, debt consolidation options, and debt management programs.

You’ll have plenty of time to choose which products and services work best for you and a chance to meet and discuss which strategy is best for your current situation.

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Consolidated Credit Canada Review Summary

Consolidated Credit Canada offers excellent solutions for many people who struggle with debt and need a realistic solution to improve their financial prospects and management skills. Whether you’re looking for a course to improve how you manage debt and finances or require a more comprehensive program to handle serious debt, this non-profit company is an ideal option to consider. You’ll find the services and fees are overall reasonable, and while some programs cost more, it’s a worthwhile investment to improve your finances. Thanks for checking out our Consolidated Credit Canada review!

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FAQ's about Consolidated Credit Canada

What is Consolidated Credit Canada?

Consolidated Credit Canada is a non-profit agency specializing in helping Canadians find the best solution for small, moderate, and large-scale debt.

How does Consolidated Credit Canada work?

When you’re ready to start Consolidated Credit Canada, you won’t have to provide as much information as you would with a credit card company or bank. You can also sign up for free and access educational tools, debt consolidation options, and debt management programs.

What services does Consolidated Credit Canada offer?

Consolidated Credit Canada offers services and assistance for individuals looking to get out of debt and manage their finances more effectively in the future.

Who is Consolidated Credit Canada for?

Consolidated Credit Canada offers excellent solutions for many people who struggle with debt and need a realistic solution to improve their financial prospects and management skills. Whether you’re looking for a course to improve how you manage debt and finances or require a more comprehensive program to handle serious debt, this non-profit company is an ideal option to consider.

How much does Consolidated Credit Canada services cost?

You’ll find the services and fees are overall reasonable, and while some programs cost more, it’s a worthwhile investment to improve your finances. The exact price is dependent on what services you choose.

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Consolidated Credit Canada

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February 17, 2022
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