t’s Time to Consolidate your Debt

Canada just announced that in October it had lost 54,000 jobs in just one month.  This is due to economic slowdown caused by troubles in Europe with the debt crisis in Greece, a slowing Chinese economy and a stalled recovery in the United States.  However, it is rare for Canada to lose so many jobs in one month, and it should cause the economists to recalculate their forecasts for our economy and the Bank of Canada to keep its loan rates frozen.

One of the biggest dangers in the Canadian economy is that the average person is carrying far too much debt, particularly on their credit cards.  With credit card interest rates in the double digits, it makes it very difficult to pay them off.  Debt problems are critical to face, particularly if all your money is going to pay interest on credit cards.  A solution to avoid bankruptcy is a debt consolidation loan.

A debt consolidation loan is a single loan that allows you to repay your credit cards and other outstanding debt through one loan.  The loan usually has a lower interest rate, which saves you money every month, enabling you to pay down your loan with the money that would have otherwise gone to paying credit card minimums and interest.  With one simple monthly payment, it makes budgeting and money management much easier and allows to focus on repayment, reducing your stress and getting back your life.

By paying back your creditors, you can increase your credit rating, and the lower interest offered in a debt consolidation loan enables you to increase your monthly payments on the overall loan, which also can help to improve your credit rating.  Owing money is a stressful way to live, but when you reduce your debts, it is amazing how much better you begin to feel!

It is a great time to get a debt consolidation loan, with low rates looking like they will continue for some time.  While the rates are low, you can pay down your debt consolidation loan more quickly and rebuild your finances.  According to Transunion, the average debt per consumer, not including mortgages, increased 4.5% from June 2010 – June 2011.  This is a concern, particularly when many people use credit cards to finance their short term loan needs, and pay huge interest rates as a result.

The mortgage and finance expert team at One Stop Mortgage Corp are specialists in providing financial products to help youconsolidate your debts.  With the One Stop Mortgage team on your side, they are able to provide a low cost, low interest rate with one easy payment. In as soon as 1 year, you will be able to apply for a conventional mortgage with your repaired credit rating!

Even if debt collection agencies are starting to contact you, the One Stop Mortgage group can still help.  Even if you have been previously bankrupt, or are in a consumer proposal, they still have many options to help you get your life back.

Contact One Stop Mortgage today and begin on the path back to financial health with more money in your pocket every month and one simple easy payment.  With interest rates remaining low, it is an excellent time to get back your life!