Aside from any extra weight they may or may not gained over the holidays, most people also gain a lot of debt. Sure, that debt was built up in positive ways—by celebrating with friends and family, and being generous to the ones you love. But debt is debt. And now you have start paying it off!
If the holiday season put your credit card into dangerous territory, here’s a way to get your finances back on track. Chances are you’re paying anywhere from 10-20% interest on your credit cards. Meanwhile, you may have enough equity in your home to refinance your mortgage, consolidate your credit card debts, and end up paying mortgage interest in the 2-4% range!
The first step is talking to me, your Calgary, Alberta, Canadian mortgage expert. I’m happy to sit down with you for a no-charge consultation to see whether your mortgage can be used to affordably reduce your Christmas debt hangover. Together, we’ll go through your financial and housing situation to determine how much equity is available and advise whether debt consolidation, using our debt repositioning strategy, is right for you. Even if you have to pay a penalty to break out of your existing mortgage, that cost is usually more than covered by the interest savings of the debt repositioning. I’ll do the math and show you how much you can save.
If we decide to go ahead with my debt repositioning strategy, it’s important to remember that the goal of refinancing should be to save interest, improve monthly cash flow and get out of debt faster. The truth is you’re going to have to change your spending habits—at Christmas and year-round—or you’ll be refinancing again before you know it. The best strategy is to use the money you save from the reposition to start a savings plan or to invest in an asset that will generate a return, such as revenue property. I welcome the opportunity to meet with you and help you and your family move toward financial security. Talk to me today at 403.242.5547!
Oh and checkout one of our free E-books below.
Debt Consolidation E-Book
Selling Your Home?