Use Your Homes Equity to Reduce Credit Card Debt

Is credit card debt hanging over you like a dark cloud? Are high-interest car loan payments stressing you out? Are high-interest consumer loans and credit card debt standing in the way of your financial goals? As a Fort McMurray homeowner, debt consolidation can help simplify your financial picture and make debt more manageable.

home equity consolidationMany people in Fort McMurray and across Alberta are taking advantage of refinancing some of the equity in their mortgage to tackle credit card debt. Instead of paying high interest rates on credit card debt, you can add that debt to your mortgage and pay a much lower interest rate. No matter your financial picture or goals, it just makes sense.

Mortgages by Barb specializes in helping oil and gas industry workers in Fort McMurray consolidate debt and simplify their financial picture.

One important aspect of a financial strategy is separating “good debt” from “bad debt.” Bad debt is unsecured and is tied up in pay off depreciating assets like cars and consumables. Good debt, on the other hand, is an investment that will grow in value over time and even generate income. In working with a professional mortgage planner, you can turn those bad debts into good debts.

Benefits of a Debt Consolidation Mortgage

  1. Secure a lower rate – personal or consumer debt like credit cards and auto loans typically come with high interest rates. If you have a high debt load, all your payments may go toward interest without chipping away at the principal at all. When you consolidate debt into your mortgage, you pay a much lower interest rate.
  2. Real savings – debt consolidation saves money, both in the long and short term. It also increases cash flow; though you are free to pay more if budget allows, you are not locked into a high payment every month.
  3. Simply finances – Does paying your bills feel like a full-time job? With all debt consolidated into one, convenient payment from one lender, it has never been easier to control your finances.

If you’d like to have a conversation about debt consolidation, give me a call today to review your options. Together, let’s beat the banks!

For more information or any questions you may have about mortgage pre-approval, give me a call at 780-370-1490 or contact me to discuss further or fill out the form below to get in touch with me about your mortgage solutions: