If you have high credit card balances, you should probably take the opportunity to explore balance transfers. Usually, a balance transfer will allow you to take advantage of a low interest, introductory offer, if you move your current credit card balance over to another credit card holder.
So, for example, if you're paying 23.999% interest on $10,000, you can move the entire balance over to another credit card holder for, let's say, 1.99%. Usually, introductory offers are for a limited time like nine months, for example, which means you need to make larger monthly payments within that time frame. But, because you will be paying significantly less interest, most of your payments will be going towards principal.
Many lenders offer balance transfers, so if you don't have a lot of debt and just want to pay less interest, look into it! Here's a great offer from Bank of Montreal.
If, on the other hand, you find yourself struggling with copious amounts of credit card debt that you can't seem to shake, why not explore refinancing your mortgage? Refinancing is an excellent way to consolidate your debt to achieve one low and manageable monthly payment. You can also utilize prepayment privileges within your mortgage contract to increase your mortgage payments and pay significantly more principal in a shorter period of time.
If you have questions about debt restructuring, feel free to contact me directly. I would be happy to help you sort through your finances to help achieve a really great solution.
Sarah A. Colucci
Mortgage Agent Lic. M14000929
Mortgage Edge, Broker. 10680
Direct: (647) 773-4849
By: Sarah Colucci