5 Jan, 2015

Paying down debt Top Financial Concern for Canadians in 2015

Make A List Of DebtsIn a CIBC pole Canadians were asked, what is the top financial priority for 2015. This year like the past four years it is to pay down consumer debt. The focus for most mortgage brokers is educating clients on how to pay down or consolidate debts.

Steps To Consolidate Canadians Debts

Equity Loan List

 

Where to start, is most Canadians biggest challenges when starting to look at how to Consolidate Debts.

 

 

  1.  Collect Your Personal Information: Make a list of current debts but wean out the debts that might not qualify for debt consolidation.
  2. Check Credit Score: Applying to Equifax Canada will give you an idea how good or poor your credit score is.
  3. Look into Loan Options: There are several avenues to look at when dealing with debt consolidation. If it is unsecured financing you are looking for check with a few banks. If you are looking for a home equity loan to consolidate debts check with a mortgage broker who specializes in equity take out financing. Equity Loans are not all the same and it is important to have a professional research between banks & alternative lenders to find the best product for your needs.
  4. Get Rid Impulse Purchasing: Take credit cards out of your wallet or any other credit or overdraft that could tempt you in making foolish purchases. Remember a consolidation loan isn’t there so you are able to manage a payment and spend more. It is there to lower your payment so you can attack your debt more effectively.

EQUITY LOANS VERNON BC

 

If we can be of any assistance to you in your search to reduce your debt give us a call we would be happy to give you a no obligation assessment of your situation.

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