Your summer vacation was great, but your budget took a hit; back to school brings its own new expenses, and you have been carrying some credit card debt for far too long. Clearly, the passing time has not sorted out this situation.

Now may be the right time to review your overall financial situation and discuss the possibility of consolidating your debts with your mortgage. Obviously, it is not a good idea to refinance your home in order to pay your shopping, vacation, clothing or grocery debts. However, it makes more sense to add your current debts to your mortgage than to continue paying 19% on your credit cards.

A standard mortgage in today’s market will only cost you less than 6.00%. Ideally, you can refinance your home to pay off all of your high-interest debts and then make a budget that will prevent you from ever going into debt again. Household debt is a major problem in North America. If you need to start afresh, the first step is to reduce your debt payments. Then, create a budget that you will follow, so you will never be in a position where you are forced to sell your home to pay off your debts.

If you are looking for the best rates and conditions to refinance your mortgage and consolidate your debts, do not hesitate to contact us by phone, e-mail, online or through social media.

Also, if you are looking for a good template to make your budget, here is a great link from the Financial Consumer Agency of Canada: https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner