Recent statistics have shown that credit card debt reached a two-year peak at the end of the last year, and that the average credit card debt across Canada was roughly $3,700, up over 3% from the year before. Although they are a luxury and a great backup plan in case of emergency, many Canadians find themselves building significant debt from credit cards and then having difficulty paying it back.
Whether you are just making minimum payments, trying to juggle multiple cards to pay one off, or just in need of some help to clean up your current debt situations, if you are a homeowner, there is a solution: a second mortgage in Toronto.
Second mortgages for debt consolidation
Perhaps the most common reason that people seek out Tribecca Finance for second mortgages is to help consolidate debt. By getting one, you are essentially borrowing money based off of the equity you’ve built up in your home. When you pay your mortgage payments, you build equity in your home and with the increase in house prices you may be pleasantly surprised with how much equity you now have in your home.
Why consolidate debt?
Consolidating debts is recommended to clients who are juggling multiple debts and struggling to keep up with all of the payments, due dates, interest rates, and terms. By getting the right loan, you can lower the interest rate and now have only one lower monthly payment to make.
Second mortgages from Tribecca
Tribecca Finance is a common sense lender. What sets us apart from the rest is that we take into account your current ability to repay, and don’t rely as much on your past. We work diligently with our clients to improve their finances. You have financial goals, and we can help you achieve them. Learn more about our home equity loans and how they can meet your needs.
Consolidating your debts helps lower your interest and monthly payments burden, ensures you don’t accrue too many penalties on your credit report, and generally makes life easier. If you have the equity, ability to repay, and desire to get out of debt, then contact Tribecca Finance and speak to one of our financial experts about a second mortgage today.