Growing debt is a concern for an increasing number of Canadians. This is why borrowers have turned towards debt consolidation. It allows borrowers to take out a bigger loan to pay off smaller debts like minor loans, debts, and due bills. The smaller debts consolidate as one big debt with only one monthly payment scheme. However, it is technically impossible to consolidate loans because each loan has its own period, interest rates, and payment terms and conditions. Thus, people need to take out larger loans to pay off these smaller…
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