Let’s Talk About the Elephant in the Room
Credit Cards are one of the best inventions of the 20th century and without a doubt a useful thing to have. In Canada however, access to credit above what is a healthy credit limit is possibly too easy. Most Canadians have two or even three or more credit cards in their wallets. It’s not uncommon to hear of people using one credit card to pay another. If you have found yourself in a situation where credit card debt is giving you sleepless nights, then we need to talk.
You have options and The Money Depot is here to help. There are numerous ways we can help you clear your credit card debt but your situation is as unique to you as your fingerprint, so there is no one size fits all solution, only lots of ways we can help. Here are a few of them.
- Get Rid of Those Credit Card Bills For Good
- Put a Stop to the Calls from Debt Collectors
- Stop the Bills and Credit Cards from Piling Up
- Rest Assured Knowing You are in Good Hands
You Are More than Your Credit Score
Why Should You Clear Your Credit Card Debt?
Getting rid of your credit card debt can feel like a giant weight is lifted off your shoulders. We know, we’ve been there too, and we love helping our clients experience that same sense of relief. But just how do we do that? How does it work? And why is this a good idea?
You may be asking what exactly are we suggesting you do? Simply put: get a loan that is larger than all your credit card debt combined; pay off said credit cards with the loan, and then pay back the larger loan to Money Depot.
If it sounds like it doesn’t make sense to get a new loan to pay off an old one; then you’re not alone in thinking that. Here’s why it’s a good idea: The Money Depot can get you a loan at a much lower interest rate than you are paying with your credit cards. Credit cards often charge 19% – 39% interest rate and when you leave that interest unpaid you get charged interest-on-interest and usually at an even higher rate. This is the snare of credit card debt.
Your new loan at a lower interest rate will be a fixed term loan with a fixed payment schedule. Meaning there will be a light at the end of the tunnel. A fixed date at which you can be credit card debt free once and for all. So how do you qualify for a loan like this?
How Can Money Depot Help You Pay Your Credit Card Debt 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 credit card 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.