The holidays typically leave you with at least two things: leftover fruit cakes and high-interest debt.
There is a better way though. We can transfer your debt to a home equity loan at a much lower interest rate, allowing you to pay off your debt faster and save money, without increasing your monthly payments.
Find out how… The holidays are many people’s favourite time of year in Canada, but all that holly and jolly doesn’t come cheap.
What’s more is that 3 out of five adults don’t save up throughout the year to pay for Christmas expenditures. That means they are likely putting the holidays on their credit card.
You basically have two, broad options:
We don’t generally recommend this option, as credit cards charge extremely high-interest rates. However, if your holiday purchases are the only thing on your credit card and you don’t have a very high balance, this might be best for you.
If you are going down this route, we have some information that might be of use to you:
If you are sitting on more credit card debt though, you should strongly consider the second option, as it can save you $1,000’s in interest payments…
Credit card debt represents the highest interest rates you can be stuck with. It is fine and dandy for small amounts but is a terrible way to carry sizable debt.
If you have sizable debts, you should consider a home equity loan for debt consolidation. Home equity loans carry much lower interest rates, allowing you to pay off your debt years sooner.
The chart below highlights the differences between credit cards and a home equity loan.
Of course, if you are sold on the idea, you can apply now. You are not under any obligation and will receive no charges, fees, etc.
Too soon? You can send in some basic information to find out what your options are by clicking here