Consumer Proposal vs. Debt Consolidation Loan – Which one is right for you?
The infographic below compares a Consumer Proposal to a Debt Consolidation Loan – how they work and the benefits of each one. Before we take a look at the chart it’s important to note that both can be a great solution to debt problems, it just depends where you are in life and your future earning potential.
A Consumer Proposal is a good choice if you have tried paying off your debts without success and are finding it hard to keep up with the minimum required payments – you’re income is not going up anytime soon, consolidation loans were maybe denied, and there’s nothing more you can do to try and get ahead.
A Debt Consolidation Loan on the other hand is a good option if your debt is manageable and you’re just looking for some interest rate relief. If you’re in a good financial position, with a great credit score, then maybe you should consider consolidating over filing a Consumer Proposal.
Now that you know how these two options work we invite you to take us up on a free, no obligation consultation with a proposal administrator. We’ll answer any questions you may have and provide more details on the best debt management solution for your particular situation.
