We’re Here To Help With Your Debt Consolidation
We can help relieve some of your stress with our debt consolidation counseling and will put you on a path to financial freedom.
Contact us today to get started
The Reality of Homeowner Debt Consolidation
Piling debt is a reality for many Canadian families. All it takes is a cycle or two of minimum payments on your debt to start racking on a balance. This becomes even more of a concern if the interest rates on that debt are high like they typically are on credit card balances. This can then turn into a cycle of large payments every month and an unpleasant cycle of shifting debt from one place to the other. Once this debt reaches a certain level, it may not be possible to pay it back without help.
This is where I can help you to:
- Consolidate high interest debt into one single payment
- Become debt free through regular cycle of payments
- Raise your credit rating through utilization
- Use equity in your home to rebalance the debt
There are also other things I can help with like credit disputes you may have with the credit bureaus, negotiations with credit collection agencies or financial institutions and more. My service offers end to end advice and we help you understand all your options.
Putting an end to collection calls, over limit fees, delayed or late payments and get you on a path to recovery. I offer a full range of financial advice to overcome high debt issues and concerns!
Using Home Equity to Consolidate Debt
Sometimes the easiest way to consolidate debt is to use all means at your disposal. If your situation is really that tenuous, we recommend taking a look at the equity you have built in your home by making mortgage payments (lowering the principal) or increase in market value of your home.
Consider the average interest rate of unsecured credit. Unsecured credit is basically your credit cards, lines of credit, personal loans, etc. The interest rates of people’s typical credit mix are 19% or higher for credit cards, 4-12% for lines of credit and personal loans. Compare this with current mortgage rates at or below 2.2-5% (depending on mortgage term / product).
What you are doing is exchanging expensive unsecured debt for cheaper mortgage debt. This basically sees your mortgage payment increase only a little bit, but reduces your debt payments every month by potentially thousands of dollars depending on your debt load.
The minute your unsecured debt reduces, your credit score starts increasing. Now with increased cash-flow and increased credit, you are able to afford to put more into your mortgage or utilize the disposable income.
Helping Oakville clients consolidate debt using their home equity is my pleasure. Speak with us today about a solution to your debt issues.