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Re-financing and debt consolidation

Should I consider re-financing or debt consolidation?

If you’re thinking about using an extension of credit to resolve changing circumstances or financial difficulties, you may find it useful to discuss these needs with your bank. What is vital is that these decisions don’t place you in a worse position.

Be careful of advertisements offering re-financing services. These services can impose very high fees and often offer you more credit than you originally had, especially if you’ve got equity in your home. Sometimes these offers can actually be debt management scams.

Remember – If your bank is unable to help you, it’s likely you may be worse off with a non-bank lender that promises it can help you.