Collect your monthly statements and write down the information in a table like the one below.Get a copy of your credit report from Annual Credit to see if you missed any debts.A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.
And while you deal with that distraction you become susceptible to costly mistakes, like paying a bill late or writing a cheque on the wrong account and getting slapped with overdraft fees.
"With so many different accounts, no one has a clear picture of what it costs to run the household," says Diane Dekanic, a certified financial planner and owner of Financial Health Management in Calgary.
You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.
To find out if you qualify, contact your local Armed Forces Legal Assistance office.