According to CIBC, for the sixth straight year, 26% of Canadians consider paying down debt and keeping up with their bills to be their top financial priority in 2016.
With debt continuing to be a concern for many Canadians, it can be difficult to pay down multiple credit cards and loans. Instead of multiple payments, consider consolidating loans into one payment. Here are a few benefits:
- You can secure a lower interest rate, potentially saving thousands on interest payments in the long term.
- It can help you maintain good credit. Consolidating your credit can encourage you to make your monthly payments faster, ensuring that your credit score will not be damaged.
- You will become debt free faster. Savings on interest and payments will allow you to save more money and pay more towards your debt.
- Consolidated credit is easier to manage and is more convenient.
4FrontMortgages.com has access to multiple lenders that can help you consolidate your loans. Speak to one of our Mortgage Consultants today to find out about programs that are right for you.