Consolidate Your Debt Payments
Are you struggling to manage your payments? Wondering how to stay on top of all those monthly bills? Dealing with credit issues? Debt consolidation can help ease the stress and burden.
Most Canadians typically have so many ongoing expenses such as a mortgage, credit card payments, utility bills and insurance premiums, that keeping up with your creditors can become a huge challenge. You may try to juggle your finances by paying those minimum amounts month after month but then the interest charges start to pile up. Consolidating your debts into a single payment would make it much easier while also saving on the interest costs.
At Mortgage Intelligence, Natasha Bridgmohan and her team of financial consultants offer tailor-made debt consolidation solutions to give you the fresh start you’re looking for. We will review your debt situation and help consolidate your high interest debt into one low, manageable monthly payment.
What is Debt Consolidation?
It is a single loan, commonly from a financial institution that allows you to repay your debts to several or all of your creditors. You are then left with just one outstanding loan to the financial institution/lender.
Which debts are eligible for consolidation?
Quick Tip: Your financial consultant at Mortgage Intelligence will be able to tell you exactly which debts qualify and how to go about consolidating them.
The advantages of debt consolidation:
Improve cash management: You can streamline your debts into a single payment. Having to deal with one creditor makes it easier to keep track of payments and better manage your cash flow.
Lower interest rates: Your new, overall rate of interest could be lower than what you are being charged independently by your multiple creditors. This option is especially attractive if you have outstanding debts at a relatively high
Opportunity to improve your credit rating: All your creditors will be paid promptly allowing you the chance to significantly improve and maintain a good credit rating. As long as you follow the terms of your consolidation loan and make your payments on time, your credit rating should not be negatively affected.
Save time and effort: You don’t need to spend time paying a long list of different creditors and bills every month; you can now make a single payment by consolidating your debt with one creditor.
Increase your savings further by leveraging home equity: If you currently own a home, you may be able to use it as collateral for a loan. Doing so can help you negotiate a lower interest rate for all your combined debts. In addition, you may be able to extend the repayment terms on your debts to stretch across a longer period of time; meaning your payments will be smaller and easier to manage.
There are a few important things to look out for before you get ready to sign all your debts over to a single creditor. Calculate the interest and fees on your existing accounts to determine the total amount of the payments you currently make. Then compare those amounts with the consolidation loan numbers to make sure it truly is a better choice.
Natasha and her team at Mortgage Intelligence will help ensure you are making the right decision. We also offer credit counselling to help you work towards a debt-free life.
Built on trust and confidence, we have established partnerships with over 50 lenders across Canada, which include major banks, credit unions, trust/insurance companies, and other national, regional or private lenders.