Debt Consolidation: Money Saving Strategies
With the average interest rate on credit cards at 16.5%, it’s easy to understand why so many Canadians have turned to debt consolidation as a way of decreasing their interest payments.
With the equity in your home you can pay off your high interest credit cards and lines of credit to save money. And with interest rates as low as 5.2% (Prime -.80), there has never been a better time to consolidate, whether you’re in a larger center such as Calgary or Edmonton, or a smaller Alberta center.
Consolidating your debt reduces your monthly debt payments to a manageable level, allowing you to take control of your financial future by putting your money back where it belongs…in your pockets.
The following example is an actual case from one of our clients, and clearly shows how debt consolidation can save you money.
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We were able to lower our clients’ monthly mortgage payment by $281.52and save them an extra $656.66in monthly payments. They were then able to put their extra payments into their tax sheltered RESP, which they had set up for their newborn.
*This table is for educational purposes only and is based on approved credit. Please contact your Urban Mortgage agent for more details.
Ready to Save Money and Lower Your Payments?
The easiest way to determine if debt consolidation is right for you is to contact one of our friendly mortgage broker agents today. You’ll find the answers you need and learn just how much you can save.
