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Paydown Plan-take action!
January 19, 2017 | Posted by: Dana Stauber
I RESOLVE… to clear these holiday bills and start building wealth.
Most Canadians suffer with their highest personal debt load in January, when the “holiday hit” arrives and your credit card statements let you know just how much you spent on the festive season. It’s especially hard if you already had a burgeoning debt load before the holidays.
This year, make the best New Year’s resolution ever: resolve to clear that debt, and start building wealth. With the right plan in place, this year could be the beginning of a strong new financial life. Start now, and every month you could be seeing the difference: a boost to your monthly cash flow, one easy payment, faster debt paydown, and potentially thousands of dollars in interest savings.
If you have enough equity in your home (you can’t refinance a mortgage above an 80 per cent loan to value), I can show you how to use that equity to consolidate your high-interest debt into a new or existing mortgage(OAC). In almost every case, you’re better off rolling large amounts of high-interest debt into a mortgage. Why? Because we’re benefiting from mortgage rates that continue to be among the lowest in decades. Just compare mortgage rates with what you’re paying on your credit cards and other debts.
First I’ll do an assessment of your situation and determine your monthly savings. Now you decide what you want to do with the extra money-pay down your mortgage faster, invest in RRSP’s or RESP’s and reap the tax benefits, the choice is yours.
It’s a new year. Make it the start of a new financial life. I’d love to help you crunch some numbers to see what kind of life you could be living, something to really celebrate about next New Year’s Eve!
