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Are you Drowning in Debt?

Are You Drowning in Debt? Debt Consolidation Advantages: Debt Consolidation Disadvantages: • You may be saving on interest charges, but you still have a combined debt. Unless you cancel your previous accounts/credit cards, you may still be tempted to use them. • Personal loan interest rates are lower than credit card rates, thereby reducing your monthly payments. CARD Debt consolidation is the restructuring of your debt to both simplify and lower repayments to help you get back on the right financial track. • Your creditors will be paid in full. If done promptly, this can protect your credit rating! • Financial institutions may not be as flexible or understanding as your creditors, and may be unwilling to accept a late payment. • You'll only need to make a single monthly payment, rather than multiple payments to various creditors. Debt Consolidation Options: There are many reasons why people want to consolidate their debts: • So long as you pay on time and abide by the T&C of your consolidation loan, your credit rating should be unaffected. How to get out of debt: • Home equity to consolidate debts - Refinance your home or get a second Mortgage. Qualifying for debt consolidation loans: Sufficient Income. • Line of credit or Bank Overdraft. • Debt Consolidation using Credit Card. • Work it out. ww • Reasonable Credit Rating History. CARD • Living expenses increase, preventing you from being able to meet all of your monthly debt payments. • Clear Record of Judgements, Liens or other credit Irregularities. Budget. • Debt Management Program. • High interest credit card debt is eating into your O budget but you're unable to secure a lower interest loan to help pay this off. • Consolidate debt with a Debt Settlement. Be disciplined. • Bank may ask for copy of your monthly expenses. • Watch your daily spending. II. • You've only been keeping yourself afloat using I credit/overdrafts to pay off debt. • Borrow money from Family & Friends. High Rate Creditors • Organise your bills. • You're not able to refinance your mortgage to consolidate D your debts like you might have done in the past. • Switch your utility suppliers. • You've accumulated pay-day loans due to debt, lost/reduced income or unaffordable car repayment loans. • Switch to a cheaper credit card/Loan. MD Canadian Mortgages Inc. Cut up Store Cards. CARD Canadian Mortgages Inc. Provides mortgage brokerage, investment, and constru- ction financing. Check out our services at or follow us on twitter to keep up to date with the latest in Canadian real estate and investment news. • Sort out your bank account. B @camortgages Before debt consolidation After debt consolidation Savings with Debt Consolidation Your Credit Score and Interest Rate AMOUNT MONTHLY PAYMENT AMOUNT MONTHLY PAYMENT (%) Total Savings per Month is 720.60, that will be 216,180 for entire Tenure 1,096.12 2,450.22 13,789.15 3,504.57 1,843.71 5,845.90 200,000.00 228,529.67 MBNA 32.88 MBNA 6.50 CITIBANK 73.51 CITIBANK 5 TDFS Auto Loan 413.67 TDFS Auto Loan Brick 105.14 Brick 2.89 2.99 BMO Mastercard Capital One Mortgage 55.31 BMO Mastercard Capital One Mortgage Note: 175.38 We have used mortgage rate of 3% for 25 years term. - Monthly 948.42 1,804.31 228,529.67 228,529.67 1,083.71 1,083.71 Payments are minimum payments for credit cards i.e 3% of total Total Total balance. Credit Score (760-759) (610-649) (580-510) (550-579) (525-579) (524 or less) ШП

Are you Drowning in Debt?

shared by Dheeruyadav on Mar 07
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Just about everyone has debt, and it’s not hard to see why. With living expenses always increasing, credit cards that have exorbitant interest charges attached to them, as well as the number of thin...


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