Are there options other than bankruptcy if I’m in debt?

4. Apply for a consolidation loan

With a , the bank will lend you the total amount you owe so that you can pay off your other . You then have only one payment to manage. You usually have to have a good or a regular income, or a to the loan.

Most unions and banks offer consolidation loans. Usually they will lend you an amount equal to 10% of your or less. Your assets include anything you own that can be sold for money. Assets can include a house, a car, valuable jewellery, or investments. If you have $20,000 worth of assets, you might be able to get a $2,000 loan.

A bank will also look at your credit score before they decide to lend to you. If you are approved for a loan, it's important to make the monthly payments as scheduled. If you do not make the payments, your credit score will be affected.

A financial advisor at your bank can help you to apply for a consolidation loan.

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