A Consumer Proposal can significantly reduce your total debt. Debt Consolidation is a new loan which is used to pay off other debts.
A Consumer Proposal is an interest-free settlement offer made to all of your creditors. Debts can be reduced up to 85%, depending on your unique situation, and all of your debts are included. Consumer Proposals run for a maximum of 5 years.
Debt Consolidation is a new loan which is used to pay off some or all of your other debts. The new loan usually has a lower interest rate, and allows for a single payment, rather than managing many cards and loans. The total amount of debt does not change. The loan repayment can take 10 years or longer, depending on the interest charged and your ability to pay.
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