Pay Off Your Debts and Have 1 LOW Payment!
Finding it difficult to pay off all your debts?
Like many Canadians, you may have multiple sources of debt: car loans, credit cards, and department store cards, to name just a few. The problem is, most of these sources of debt are charging between 8% and 29% interest, making it more and more difficult to get the balances down to $0.
You have a home, and have worked hard to pay down the mortgage. Why not use this equity to save yourself money?
Debt consolidation (otherwise known as 'refinancing'), allows you to leverage the equity in your home to combine your debts, so that you only make one payment per month.
Consolidating these debts with your mortgage will allow you to apply a much lower interest rate to them, thus lowering your monthly payment. By doing this you free up your money each month and can save thousands of dollars per year.
Pay off your mortgage faster
To maximize the benefit of debt consolidation, you may want to take the money you save every month and apply it directly to the principal of your mortgage. This will allow you to pay off your mortgage quicker and be mortgage-free years sooner.