Blog by DOINA BIOLAN B.Comm

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CANADIANS TOP PRIORITY IN 2015

 

CANADIANS' TOP FINANCIAL PRIORITY IN 2015

 

According to a recent survey conducted by CIBC, 22% of Canadians consider paying down debt to be their top financial priority in 2015. (Source: The Globe and Mail.)

As credit card interest rates climb and debt becomes more of a concern, it can be difficult for Canadian homeowners to pay down multiple lines of credit and loans. Also, some of us may live with the stress of an unexpected emergency or traumatic life event—leading to increased dependence on high-interest credit.

Today, mortgage interest rates remain some of the lowest borrowing rates in Canada. As result, consolidating your loans by using the equity in your home as security will help to reduce your monthly payments and contribute more toward their principle balance. If you  consolidate your loans into one plan, you can  also benefit from:

  • A significantly lower interest rate—saving  thousands of dollars over the long term.
  • One monthly payment—allowing you to keep track of debt and simplifying financial decisions.
  • Full access to financial records and updates from only one location.
  • Lower monthly payments—extending debt repayment over a longer period of time.

As your mortgage broker, I work to fully understand your personal financial situation. Consider the following when choosing a consolidation plan that meets your needs:

  • If you have high credit card debt, understand why. Are are you overspending on living expenses? Have you dealt with an unexpected emergency? We can work together to build a plan that will meet your  short-term and long-term needs.
  • Do you require financial management training? Your increased cash-flow (from consolidating debt) can be used to pay down your loans faster, or to contribute to a savings account.
  • If your mortgage has payout penalties, we can calculate the loss/benefit. Sometimes, a mortgage penalty may be offset by substantial long-term savings from consolidation.

PLEASE CONSIDER DOING A CONSOLIDATION WHILE YOUR CREDIT STILL LOOKS GOOD AND HASN'T BEEN DESTROYED BY MISSED PAYMENTS AND OVER THE LIMIT SPENDING! Lenders will still like your credit to be decent before approving a consolidation.

 

 


Did you know? 

We offer financing solutions to pay out:

  • CRA debt
  • Consumer proposals
  • R9s
  • Judgments
  • Collections