On the advice of a friend, he visited his local Fairstone branch.Working with a Lending Specialist, David learned that not only could he get the money for his truck, but could also consolidate his credit card debt and save hundreds of dollars a year.That said, there are ways to tackle these types of debt.If you currently own a home that has a certain amount of equity built up in it, you may have a solid source to help you better manage your debt.Debt consolidation essentially involves taking out a new loan to pay off other high-interest debts.
As such, these high-interest loans can get in the way of achieving financial freedom.A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you've built in your home as security.By consolidating your debts into a home equity loan or line of credit, you'll have the convenience of one consolidated payment rather than having several bills from different creditors.This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner.To review all your available options, contact the team at Mortgages of Canada. By refinancing your existing home loan with a debt consolidation mortgage, you can pay off some of your higher-interest debt, especially credit cards, which can come with rates as high as 20% or more.With such interest rates, the outstanding balance can easily mount month after month if only Consolidating your debt into your mortgage can help you better budget your finances and come up with a payment plan that will help you pay down your debt sooner rather than later.Consolidate debt and experience debt relief today with a loan for debt consolidation.A debt consolidation loan will help you manage multiple bills and get out of debt faster with one simple monthly payment. The benefits include: 1) Low interest rates – Interest rates on mortgages and home equity loans are often much lower than those on credit cards and consumer loans 2) Consolidated payments – Making a single payment to your debt consolidation mortgage is much easier than making multiple payments to credit cards and other consumer loans If you have owned your property for 3 years or more, the success rate to consolidate your debts is even greater. As a homeowner, one way to start managing some of your debt is to refinance your existing mortgage with a debt consolidation mortgage.