Posts Tagged ‘Debt consolidation’
Credit Help – 5 tips for avoiding a credit meltdown
Avoid Bankruptcy and get help with your debt Taking action at the first sign of credit trouble is the key to avoiding a credit meltdown. As a Toronto Mortgage Broker, I spend quite a bit of time helping my clients consolidate and repair their debt. I also work closely with a very reputable Credit Counselling agency who work on the clients' behalf to negotiate with the lenders to reduce their debt owing. 5 Tips For Tackling Credit Problems Act fast! Don't be embarrassed to ask for help. Consider using the equity in your home to consolidate high interest debt and save thousands on interest Speak with a credit professional. They might be able to reduce the amount of outstanding debt Stop getting new credit to shuffle your balances. This is a very slippery slope and just delays the inevitable Pay more than the minimum payments which are really only interest. You will never get rid of your debt by paying the minimum. Also, your
Six Uses For a Home Equity Line of Credit
A Home Equity Line of Credit Might be For You A home equity line of credit (HELOC) provides a level of flexibility that is not available from your traditional fixed or variable mortgage. A home equity line of credit allows you to customize your mortgage payments and pay as little as interest only making this an ideal product for anyone looking to keep their payments as low as possible. How Does a Home Equity Line of Credit work? Like a traditional mortgage, a HELOC is registered against your property. This provides the lender with greater security resulting in you receiving a lower interest rate. Interest rates for most HELOCs are around prime plus 1% (3.25%). Compare this to an unsecured line of credit around 7% or many credit cards which are around 18%. Your interest savings can be substantial. Your HELOC gives you access to the equity in your home (up to 80% of the value of the home) to use for emergencies, large purchases, renovations, vacations....etc. You can have your entire mortgage as a line of credit or you can add a line of credit to ...
