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Many Canadians are facing high amounts of debt that they just can’t seem to get out of. This common problem can often be magnified with all the sky-high interest rates that these consumers are paying on money they owe to lenders and creditors, especially in the form of unsecured loans.

Many Ontarians often have debt in more than one place – home mortgages, credit card debt, car loans, student loans, and so forth. Keeping track of all these various loans to pay off on time and in full every month can prove to be challenging. Not only that, but many of these loans are often charged exorbitant rates, particularly credit cards.  Some interest charges can be upwards of 29% and even 30%!!

Nowadays, debt consolidation has become more and more sought after by home owners, considering the great advantages it provides for those with many outstanding debts. By taking advantage of current low interest mortgage rates, you can potentially save thousands of dollars in interest alone, and pay off your debt much faster.

How Does Debt Consolidation Work?

For those who have enough equity built up in their homes, debt consolidation may be a program that can help you deal with outstanding debt and creditors. Rather than taking out various loans to help pay off debt, or having various creditors to deal with, debt consolidation works to combine all debt into one monthly payment. You can use the equity in your home to pay off all outstanding debt, and be left with one simple, easy to manage, lower rate payment at the end of the month.

By leveraging the money that you have already built up in your home, you can essentially be free of tracking multiple bills, and drastically lower the interest rate you pay to service your debt. This can not only help you save a great deal of money in unnecessary interest, but it can also help you pay down your debt at a much faster rate.

Call Lee Anne Taylor, a professional mortgage specialist who can sit down with you and discuss the benefits of debt consolidation Oakville Burlington for your particular situation, and see if it’s right for you. She can discuss your many options including: a mortgage renewal; second mortgage; equity line of credit or a secured home loan.  Don’t delay – call now and be on your way to financial freedom!  You can reach Lee Anne (a Dominion Lending Centres agent)  at Home Loans Ontario: (905) 336-8948.