Christmas Debt Hangover


January’s credit card bills are the downside of last month’s holiday festivity and generosity. You may suddenly be looking at huge balances and payments without knowing how to pay off the debt. And what’s worse, you’ll be paying anywhere from 10-25% interest on what you owe!

Are you suffering from a Christmas debt hangover?

Canadians who carry a balance on their credit cards after Christmas plan to take over six months to pay off their holiday debt. More and more Canadians are living paycheck to paycheck, especially with today’s inflation. Now they need more income and a plan to pay off their debt.

Fortunately, the solution could be close to home. If you’ve been in your house for a while, you may have enough equity to refinance your mortgage, consolidate your credit card debt, and end up with lower monthly payments.

The first step is to give me a call. I can help determine how much equity is available in your home and advise whether debt consolidation is right for you. Even if you have to pay a pre-penalty to break out of your existing mortgage, that cost is usually more than covered by the interest savings of debt consolidation. I will do the math and show you how much you can save.

The goal of refinancing should be to save money and get out of debt faster. It’s important to understand that you’ll have to change your spending habits next Christmas and year-round. Or you’ll be refinancing again before you know it. Give me a call 780-960-5897, and I will try to get you back on track!

To avoid credit card debt next year, check out these tips and start planning/budgeting today>>

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