Let’s Talk About the Elephant in the Room
Debt can be a useful tool. There is certainly good credit like a mortgage that allows you to buy an appreciating asset. In order to get that “good credit” you usually have to have a credit history. To get a credit history you need to have some accounts and credit cards. So you may set out with the best intentions of building towards good credit, and then somewhere along the way life happens and suddenly your debt becomes more of a burden than a useful tool.
Consolidating your debt is one way to cease the headaches and the phone calls. But how does debt consolidation work? Why is it a good idea? And where do you get started? The Money Depot is here to help conquer these questions and more.
- Get rid of that monthly headache from bills
- Consolidate bills into one easy payment
- Save time and money each month
- Reduce your payments and lower your interest
You Are More than Your Credit Score
How to Use Your Home to Consolidate Debt
Your home may be the answer to getting out of debt. How? If you owe less than your home is worth, then there is equity in your home. If you have equity in your home you can access that equity through a number of financial products offered by the Money Depot.
If you don’t own your home, you could apply for a personal loan at a lower interest rate than your other debt, and consolidate your debt into a lower fixed payment. Why is it a good idea to cover old debt with new debt? Put simply: if you are not making headway with bills or credit, then interest will build on interest and your debt will quickly spiral out of control.
Leveraging your home equity, or getting a personal loan can reduce your overall debt by putting you on a fixed repayment at a lower interest. It will also help you to improve your credit score as you pay off your debts.
The Money Depot was founded on the philosophy that Canadians should have access to the credit they need, not what the bank thinks they deserve.
How The Money Depot Can Help You Be Debt Free Sooner?
The Money Depot works with dozens of lenders across Canada to get them competing for your business. These lenders will typically offer one of two products to help you become debt free sooner:
If you own your home: then leveraging the equity in your home makes the most sense. This can be done through a HELOC (a Home Equity Line of Credit), or through refinancing your home, or even through a second mortgage, although it is unlikely that would the ideal solution. To find out more of these products you can visit our page on refinancing your home.
If you don’t own your home: then it is simply a case of us working hard to find you a lender that will provide you with a loan at a lower interest rate than what you are currently paying. Our team of advisors will work with you to build a case for why a lender should extend this loan to you. To find out more about personal loans, you visit our page on personal loans.
Why Use The Money Depot?
The Money Depot has been Canada’s go-to source for loans since 2009 and we have been in the business of lending money to Canadians since 1999. We work with dozens lenders across the country to help take the stress out of refinancing, and getting access to affordable loans by allowing consumers to get multiple offers from several lenders in a matter of minutes. We get Lenders competing for your business. If you’re tired of hearing no from the banks then get in touch with us! We say “Yes” more often
At The Money Depot, we care about our clients and treat you like individuals. We realize that everyone’s financial circumstances are unique, and we get to know each and every one of them. You are not just a name on a piece of paper, or a number at a bank; you are a person.
Although our loans are short-term solutions to your financial needs, we will work with you to ensure you have a long-term plan. With a loan from The Money Depot, you will be able to address your current issues while you work to improve you credit score, increase your income, and find a more permanent solution. We know what you are going through and are here to help you get on with your life. No need to be embarrassed or feel awkward; you are not the only one that has ever been in this situation. Kick the elephant to the curb and call us for a consultation today.