The Bills are here…

The Christmas bills are here, and the memories of the shopping for presents, dinners out, much needed time off work and time spent with family come flooding back.

We all need extra cash this time of year, but running up debt on credit cards and other high interest loans can really reduce our cash flow.

How do we get back on track and get money when we need it most?  These 5 tips will show you how to lower your monthly payment, get lower interest rates and get back on track, plus find the money when you need it.

5 Tips to reduce your monthly payments and lower your debt

1.  Assess your debt

What does your debt look like?  Are you carrying debt on multiple credit cards? Do you have a car payment or a line of credit payment?

By taking a good look at your debt, finding out what the interest payments are and seeing how the money is spread across many different places, it can help to understand how much money it costs to keep this debt going.

2. Check your credit rating

How is your credit rating?  When was the last time you checked it?  By knowing what your credit rating is, you can see a starting point for improvement.  To get a better credit rating, read our tips here.

If your debt is getting too high, and you are paying too much in interest, it is a good idea to find alternatives to lower your monthly payments and take back your life.

3. Lower your monthly payments

If you are paying high interest rates on credit cards, and you own your home or you have a mortgage, you may be able to get a debt consolidation loan.  A debt consolidation loan is a loan that a mortgage broker or loan agent can find for you.

The way the loan works is that it pays off all your existing high-interest debts.  In this way you get a lower monthly interest payment for just one loan instead of many – saving you time and stress.

4. Review your debt-paying strategy

Once you have applied and received a debt consolidation loan, it is important to review your debts with the mortgage broker or financial advisor to see which ones need to be paid off first.  For example, keep paying your mortgage, but try to pay off any high interest debt first.

The debt consolidation loan could erase your high interest payments, and your priority should then be to just pay off the debt consolidation loan.  Regardless, this type of loan can give you the breathing room and extra cash you need to get back on your feet.

5. Review your spending habits

How are you at managing your money?  Have you ever kept a budget before?  Do you know how much you are earning and spending every month? Is there anywhere you can reduce your spending, such as bringing a lunch to work every day instead of going out?

Before you buy that next coffee, add up how much it costs you every day, week, month and year.  A $5/day coffee quickly turns into a $1000+ expense every year.  You can probably make one at home and take it with you for less than $1.

Little things add up quickly, so be sure you know how you spend money, where you can reduce your spending and how you can set up automated monthly payments on your debt.  Imagine what life would feel like without that debt hanging over you?

One simple, lower monthly payment

Are you ready to reduce your debts and take back your life?  Contact the debt consolidation home equity loan specialists at One Stop Mortgage today.  Give them a call at 604-874-8988 now and see how they can help you reduce your debts with a home equity loan.

Or, if you need the money now, fill in the quick application form here and a mortgage/loan professional will contact you and get things started.

Keep an eye on your spending, and contact the One Stop Mortgage team today to find out how to reduce your monthly payments with a lower interest home equity loan, and get more money in your pocket today.

The team at One Stop Mortgage are here to help you get the best deal you can.  Contact them today and see how they can get a mortgage that fits your needs at the best rate you can get.

Simply fill in our 2 minute application form here for Alberta or BC or contact us directly and we can help.

Even if the bank turns you down, or your credit-rating is not accepted elsewhere, we can help.