Use Your Mortgage to Lower your Debt Load

2015-01-31 | 16:13:02

Use Your Mortgage to

Lower your Debt Load

You are looking at your T4 slip from last year…or maybe your most recent pay stub. Sure, many people wish that those number after the dollar sign were a little higher, but it is the vanishing act that is so alarming. Tax time is especially sobering; you can see how much money you made…but your credit card is still maxed out and you do not have much to show for a year’s income.

If you are looking for the holes in your wallet, start by making a list of your debts. Are your credit cards teetering at the top of their limits? Do you make regular use of your overdraft protection at the bank? What about any department store cards? Have you added it up? You may be startled to see how much you are actually paying to service your debt.

Using the equity in your home, you may be able to refinance your mortgage and consolidate your debt into fewer payments, save money on interest and improve your cash flow. Would you not like to discuss debt restructuring to eliminate high-interest debt….

Here is an example: