Howdie fellow Canadians! Let’s talk about debt consolidation. Where there’s only a few big things to know, about a hundred little things and it’s crucial to get the timing PERFECT.
You have a job, even if it’s a brand new one, and you can afford your small list of monthly expenses but it would be nice if your credit card, maybe two or three credit cards and a loan if applicable and one other thing were paid in full and reflected as such on your credit report. There may even have been something slightly overdue recently. Sound familiar?? 
The following is the correct solution depending on how overdue you are but timing is everything so start now:
| May become overdue on max $5000 (no overdraft) | Ask your bank for an unsecured LOC |
| Max 30 days overdue on one or more items max $5000 | New bank or CU – open a savings acct, they’ll offer unsecured LOC |
| 45 to 89 days overdue on one or more items max $12,000 | Apply for debt consolidation loan then exit to A |
| Any time overdue $40,000+ with home equity | Apply for equity take out/consolidation loan |