Is there any eligibility criteria to get approved for debt consolidation?

Hello everyone,

I'm new to this forum. I'm facing the worst and the most challenging phase for the past few months. I lost my job due to the recession. My sister is spending too much money on weekend getaways and trips. Due to the huge expenses and job loss, I'm struggling to make monthly payments including debts of credit cards and mortgages.

I have found that debt consolidation is the practical solution to this problem. Consolidating debt can help us manage the budget and get out of debt faster. It would effectively bring all the debts together into one combined loan with a single monthly payment. The debt consolidation can save money by reducing the interest rate.

My credit score is directly impacted by the job loss. Does debt consolidation work in my case? Is there any eligibility criteria to get approved for debt consolidation mortgage in Ontario? Can someone help me clear these doubts?

Topic: Is there any eligibility criteria to get approved for debt consolidation? (Read 120 times)