Every loan has its advantages and disadvantages. When it comes to debt consolidation in Surrey, the main disadvantage is a longer amortization period. The amortization period for a debt consolidation loan typically can range from 1 to 25 years..
If you do not want to hold any personal assets as collateral then an unsecured debt consolidation loan is your best option. However, if you are looking for a safer option with lower interest rates then you should opt for a secured debt consolidation loan.
Yes. Consumer proposal does negatively affect your credit score. When you consolidate your debt you get rid of your liabilities and in turn improve your financial status in the long run. There are other solutions than consumer proposals that can help with debt.