With the rising cost of living and higher interest rates, Canadians are struggling to keep up. Increasingly they are adding to their debt load in order to cover their day to day living expenses. Consolidating multiple debt payments into one can be a way to simplify finances. But not all consolidation loans are created equal. When is a debt consolidation loan the right option when you’re dealing with debt that has got out of control? Could this be the right choice for you? Licensed Insolvency Trustee, Daniel Maksymchak talks about the ins and outs of consolidation loans. He also covers:

• Why people take out consolidation loans and the advantages
• Using your house to obtain a Home Equity Line of Credit (HELOC)
• Where to start when applying for a consolidation loan
• How to evaluate if the terms of the loan are good
• The similarities of a Consumer Proposal and its benefits

Licensed Insolvency Trustees are debt experts. They are federally regulated and approved by the Canadian government. With their extensive knowledge they will give you honest advice and help you find a solution to your debt problem. 

About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. 

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community. 

Additional Resources * LCTaylor Licensed Insolvency Trustee * Pros and Cons of Debt Consolidation * What is Debt Consolidation?