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What is Consolidating Debt? Introduction: Consolidating Debt is the process of minimizing the amount of monthly payments of various debts and making them into just one payment per month for all the money owed. This involves a very tedious process of making calculations of how the debts could be minimized, laid out, consolidated and finally packaged into a single payment that the customer would be able to easily pay back.

The Debt consolidation industry is very large in the country of Canada. It is regulated federally with various laws governing over it. The industry of debt consolidation can sometimes feel as a boon to the normal user but it might also be a far fetched fantasy to some people who are upto their neck with debts.

Various Companies offering consolidating debt in Canada: There are various companies in the market that give advice or free counseling to the people who are compulsive debtors and or on a very tight leash due to their money borrowing. They also offer various solutions to them in form of consolidating of debts or combining the various debts into just a single debt that the person can easily pay for, over regular period of time, which might be measured in terms of months.

Some of the many companies that offer Consolidating Debt in Canada are mostly online websites like www.consolidatecredit.ca and banks like Royal Bank of Canada. These are some of the leading players in the field of consolidating Debt in Canada.

How do they Work?: Their Working involves careful research into the personís credibility and his credit worthiness, which is followed by their contacting of the various companies or agencies to whom the person owes money to. Then these companies buy those credits or debts from them and calculate it as a wholesome package. Newer interest rates are calculated for the debts and the user or the person is informed about the consolidation status after which they can just have a single payment for settling of their debts

Marketing Strategy of Debt Consolidation Companies in Canada: The Debt consolidation companies are very aggressive in their marketing approach since they find and face heavy competition. They use mailers, advertisements and emails to reach out to the people. They send mails to those, whom they consider or find out after tedious research, owe a lot of money to someone. And if they get back a positive reply from them then they can go ahead and buy the credits or Debts and then perform the consolidation procedures. Strict laws govern the use of debt consolidation in Canada. The jurisdiction helps to solve disputes that might arise between the debtor and the creditor.

Best Debt Consolidation Moves: The consolidating debt requires careful planning of the available resources and the best ways of consolidating debt are to take out a home equity loan, a personal loan or just negotiate better terms or conditions with the credit companies. These moves just stretch out or extend the debt over a number of years with very little interest. Also these help in making the person more comfortable in paying back the debts they owe very easily.

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