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Is Refinancing for Debt Relief Right for You?

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The level of consumer debt now carried by Canadians is at an all-time high. Having too much debt is a serious problem and may require a financial action plan. Do you feel like you’re drowning in debt? Refinancing for debt relief may be a viable financial solution.

Drowning in Debt

Anyone who has a credit card knows – it is very easy to go into debt and much harder to get out of it. Canadian households now carry a record-high level of credit card debt. For some, this debt load may be causing them undue stress. If you are only able to pay the minimums on your credit cards and feel like you’re just treading water when it comes to your debt load, it may be time to make a financial plan for your future.

Facing the Facts

Many Canadians are unaware of how much debt they actually have. It can be disheartening to look at the numbers when you are just getting by financially. However, turning a blind eye is not the way to win the battle with debt. It is important to stay informed, as this is the first step toward financial freedom. Take stock of your outstanding debts and their corresponding interest rates. Be realistic about your disposable income and set some spending limits. Lastly, look at your assets. Do you own a home, car, or rental property? Your assets may be the key to getting your financial independence back.

Managing Your Assets

In hard times, you may feel like your assets are useless. However, if you can downsize, rent, or trade down your personal items, it may be time to do so. If you have a mortgage, you may be eligible to refinance your home and access some of the equity you have built up over time through your mortgage.

Refinancing Your Home

For many, refinancing their home is a smart financial move. Taking out a second mortgage makes you able to use the new funds made available to you to pay off all of your outstanding debts. This will give you a clean financial slate, and you will only have to pay the one mortgage payment to your lender, usually at a much lower interest rate.
If this is an option that sounds possible for you, you should see a knowledgeable mortgage expert. A professional can consult you and is extremely knowledgeable on all types of fixed and variable rate mortgage structures. A financial expert can help you plan for the future, and you may save a bundle in the long run.
If you are making minimum interest payments on your credit cards, and are worried about your debt load, don’t ignore the problem. Talk to a knowledgeable expert to help you with refinancing for debt relief. You may be glad you did.  


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