According to Statistics Canada, Canadian households are suffering a debt ratio of nearly 170%. That number reflects the amounts that households owe relative to their income. While debt is a naturally occurring phenomenon of our economy, too much of it can have devastating effects both financially and psychologically.
Here for Overwhelmed Albertans
High interest debts such as payday loans and credit cards can quickly take control if we are not careful. Those who are overwhelmed often find themselves taking out more loans just to pay off the other ones and end up in a never-ending cycle of debt. We offer a product that can help break the downward spiral and get you and your family back on your feet.
Take Advantage of Low Mortgage Rates
Refinancing your mortgage is a great option for homeowners who need a manageable way to pay down their debt. Simply put, refinancing involves combining several high-interest loans or debts into a single debt with a lower interest rate. In Canada, credit card interest rates can vary from 19% all the way to 30%. Mortgage rates, on the other hand, can vary from 3% to 8% on the top end. Refinancing could literally be the difference in saving hundreds or thousands in interest payments.
Consolidate with the Best in the Business
Lower interest rates will help to keep more money in your pocket, but that’s not all refinancing can do for you! This product is a great way to simplify. Imagine only making one monthly payment for all your debt, to one source. And since creditors are paid promptly, you won’t be fielding their phone calls anymore. In addition to getting you out of debt, refinancing can help you rebuild your credit score.
With the support of Source Mortgage, there is no reason that you and your family need to be drowning in debt any longer. Contact us today to speak to one of our refinancing experts.