If your debt is piling up – credit cards, store cards, car and loan payments– then the interest that you’re paying could be standing in the way of your financial security. If interest rates go up, it could get a lot worse.
The good news is that Canadian homeowners have a great option: debt consolidation. It’s a simple concept: you roll up all the extra debt you have outside your mortgage, and you consolidate it into a new or existing mortgage. If you’ve built up some equity in your home, then this consolidation is the simplest way to power through your debt.
The key advantage is the low interest rate: you’re trading your higher-interest loans for one easy low interest payment. So you can see huge savings in interest charges and be out of debt faster than you thought possible. The second big advantage is cash flow. If you’re struggling with your monthly debt load, then a consolidation can offer big relief.
Dig out your credit card and loan statements. Write down the balances for each, note the interest rates you’re paying, and jot down the monthly payment amount. Now make an appointment with an expert at MiMortgage.ca and get a realistic appraisal of your options and savings.