Consolidate
Debt - Refinance
keeping life simple
"Where the heck does it all go?”
You’re
looking at your T4 slip from last year… or maybe your most recent
pay stub.Tax
time is especially sobering; you can see how much money you made…
but your credit card is still maxed out and you don’t have much
to show for a year’s income.
Industry Canada, which monitors consumer data, reports interest rates
for department store credit cards as high as 28%. Even competitive-rate
credit cards will often run at 18% or more.
Consider
this, if you have equity in your home, you can take advantage of attractive
mortgage rates to save a bundle on interest charges. Compare current mortgage
rates with the rates charged on your other debts.
Consolidating all your debt into one mortgage payment, it not only a wise
financial strategy, but will help you to keep life simple.
| Current
Situation |
Balance |
Payment |
Mortgage (@ 6 %) |
$160,000 |
$1024 |
| Car Loan | $18,000 |
$
540 |
| Credit Cards PLC | $15,000 |
$
450 |
| Penalty to break Mortgage | $1,500 |
----- |
| TOTAL | $194,500 |
$2,014 |
| New
Mortgage |
Balance |
Payment |
| Mortgage (@4.95%) | $194,500 |
$1,110 |
| Car Loan | paid
off |
------ |
| Credit Cards/PLC | paid
off |
------ |
| Penalty to Break Mortgage | paid
off |
----- |
| TOTAL | $194,500 |
$1,110 |
| Additional monthy savings | $800 |
If you think you can benefit, call us for a review of your situation and our best recommendation. There is no cost or obligation. If your friends or family could similarly benefit, please extend this same offer.