With household debts reaching all-time highs, the need to reduce spending and pay down debt is a necessity for Canadians. But how does one do this?
The global economic downturn has made many of us question our spending, and as a result Canadians are beginning to pay down debt faster. Equifax Canada released a promising report on January 10th showing that credit card debt had fallen by 3.4% in 2011. While the report also stated that overall debt was still growing although bankruptcies are down. Yet the average household still carries a great deal of debt and it is time to start addressing this issue.
One way that many Canadians reduce their credit card debt is to seek credit help and get advice from financial experts on how to manage their money better. Rather than risking credit collection companies and potential bankruptcy, it is a good idea to get some solid advice about how to deal with the issue of debt.
Reduce Monthly Payments
By reducing monthly payments, improving your credit-rating, and taking out home-equity mortgages, it is possible to save thousands of dollars. Instead of paying high interest on credit cards, with credit help you can create a single loan based on the equity in your home and reduce your monthly payments to give you more money to pay back the loan. This is a much less stressful approach to managing your money. It is important to pay off the debts before the interest rates rise and our monthly costs go up even more.
In difficult economic times, with unemployment rates rising and uncertainty about the global world economy, it is wise to start considering carefully how we spend our money. In Canada, the mandatory retirement age of 65 has been removed and many more people are working into their retirement years. Since we are living longer, and our money is not going as far, retirement without work is not always a reality. A recent report by the CBC stated that Canadians will live on average 15-20 years past retirement age. These facts, plus our rising average debt load have produced a debate about whether RRSP investments should be mandatory. With 4.4% of Canadian seniors living in poverty, as noted in another CBC article, along with almost 30% carrying a mortgage into retirement, it is time to start taking our debt seriously.
Get Started Today
By reducing our monthly credit card bills, spending and saving through RRSP’s and other financial vehicles that a credit or Mortgage Broker can help with. If you find that your credit is overwhelming your monthly income and you need help to restructure your debt, it is a good time to contact the mortgage and credit specialists at One Stop Mortgage Corp.
Visit CREDIT-HELP.ca for assistance in managing your debt.
One Stop Mortgage can help!
The One Stop Mortgage group is always available to assist you in finding the best loan to fit your needs. Give them a call at 604 874 8988 or 1-877-874-8988 or email them at email@example.com. The team of Mortgage Brokers at One Stop Mortgage can find the best second mortgage or home equity loan that best fits your needs.