Brantford Debt Consolidation Company
Debt is a major problem that everyone may face. It can grow into a serious issue that can entirely change a person’s life, especially if they are under several types of debt due to multiple financial responsibilities.
In 2019, families in Canada used 15 percent of their income to pay for their debts. Another surprising fact is that 7.3 percent of household income in Canada is used to pay for debt interest. On average, each household in Canada owes more than $72,000 to their mortgage companies, lending institutions, credit card providers, automobile companies, and other financial institutions. Indeed, the seriousness of debt is a problem carried by many people.
Two important things to remember about handling debt is that there are effective ways to get rid of your debts and that you don’t have to resolve them all alone. With a trusted Brantford debt consolidation company by your side, you can obtain new useful knowledge to fix your financial situation and make decisions based on an expert’s advice. Ultimately, you will have a significantly better chance at seeing an end to your debt by getting the services of a certified debt management company.
Ontario Mortgage Guy is a top finance company that provides a wide range of services, from mortgage funding and refinancing to debt settlement and debt consolidation. Debt, credit, housing, and mortgage are all fundamental aspects of Canadian financial life, and our experts at Ontario Mortgage Guy are more than ready to help you with them.
Call Ontario Mortgage Guy at (416) 945-0380 for your Free Consultation with a Debt Consolidation Specialist!
Understanding Debt Consolidation
Debt consolidation is a debt management method that involves getting a single loan to pay off multiple debts. This process allows several advantages that make paying off debts easier in various ways.
Through debt consolidation, the pressure of managing multiple debts can be removed by focusing on only one loan. It is also preferable because the interest rates of multiple debts combined are often higher than the interest rate of a single debt. In effect, you also get to pay off your debts sooner with a consolidated loan even if you don’t increase the amount you pay each month. Debt consolidations also benefit your creditors because this raises or even guarantees the chance of you completing the payment.
Debt consolidation is not a one-size-fits-all solution though. It can be done in different ways, each having its advantages and disadvantages.
1. Bank and credit card loans
One common way is to take out a personal bank loan or a credit card loan. This is great for people with a good credit history. Bank and credit card loans often don’t require collateral and are therefore attainable only by people who can prove that they don’t have a shaky history in handling their credit. Take note that credit card loans often have higher interest rates than other types, while personal loans from lending institutions generally have lower interest rates than credit cards.
2. Home equity
If you already have paid off an adequate chunk of your mortgage, you can borrow against your home equity to pay off your other debts. Considering that your house will be the collateral, home equity loans can have lower interest rates than other types.
3. Unsecured loans from friends and family
You can opt to borrow cash from people you know to pay off your debts. This largely depends on your relationship with the person from whom you will borrow because there can be no contract, collateral, or any security. On the other hand, through this method, you can get funds without paying interest, unlike borrowing from lending institutions.
To guarantee that you choose the best type of debt consolidation method for your specific situation, you need the services of a proven finance service company. Ontario Mortgage Guy is here to offer our specialized Brantford debt consolidation services backed by years of experience and knowledge in the industry.
Gain Financial Control with Debt Specialists
Debt, if not handled properly, can change your life for the worse. The best thing to do is to get the services of specialists who have been working with various debt cases for many years. At Ontario Mortgage Guy, we have evaluated, managed, and successfully solved many previous debt situations for many people. So you can trust that we have what it takes to help you gain control over your finances again through educated decision-making and financial management.
Our services start with a free consultation with our debt specialists. We will take in all the relevant information regarding your debt and financial life. Our team of financial experts will then create a debt management plan that is perfect for your situation. Whether it’s debt consolidation, debt settlement, or other methods, we are here to aid you every step of the way. We can handle managing your paperwork, monitoring and updating you on your debt plan’s status, or even negotiating with your creditors.
We are here to provide you with all the services that we can provide to help you get your life back on track. Rest assured that all the recommendations, decisions, and services we will provide come from educated, experience-based, and thoroughly processed planning done by the best experts in town. Ontario Mortgage Guy is your Brantford debt consolidation company, and we can’t wait to work with you.
Fast Debt Consolidation Approval
Debt consolidation involves big decisions. It can be daunting for most people, especially those who are not very familiar with how financial systems work. This is why we offer free consultations to our clients wherein they will have the chance to air out all their concerns and questions to top debt experts while we will have the opportunity to analyze your situation and figure out the best solutions for you as soon as possible.
Contact us today so we can begin working on your case. The sooner we begin, the better it will be for your financial life. For all your Brantford debt consolidation questions, concerns, and needs, Ontario Mortgage Guy is your best partner.