Debt Consolidation Saves You Money and Time

[bobbyreyes]

Canada may have a stable economy, but that doesn’t mean Canadians are financially sound. And while the real estate market might be on fire that that doesn’t mean most Canadians are feeling richer.

In fact, Canadians are facing near-record debt loads. If Canada’s interest rates start to rise next year, climbing to more normal levels, consumers could start to find their debt loads unmanageable. This is especially concerning when you consider a whopping 42% of Canadians say they would be in financial trouble if their pay was delayed by just one week.

full post: ​http://www.canadalend.com/blog/debt-...oney-and-time/

[MortgageQueen]

A consolidation loan sounds nice but is not necessarily the answer. Canadians also
need to stop using their homes as an ATM. The problem is not the debt. . . its the behavior that creates the debt.

STOP trying to keep up with the Jones and start living with a budget. I was just having this discussion with one of my Private Lenders today. She has a guy who makes $140k a year who is behind on his mortgage, 3 years behind on property taxes and behind on most other debts. There is NO REASON why he can't afford to pay his bills other than extremely poor money management.
This Private Lender and I were both commenting on how we both drive cars over 10 years old, but that's not the norm. .. Why is that?? It's crazy where people spend money they don't have.
Make a budget. . .Stick to it. . . Be happy.

[maggiespice]

Personally, it would be the last thing I do is take the equity out of my home if I was in debt OR FOR ANY REASON AT ALL. Think about it. Is this not one of the major reasons why the States housing market went bust? People were taking the equity out of their home to buy boats, go on trips, etc, etc, etc. (OK, I am sure some used to consolidate debt). They were using their equity as an ATM.

Not a good thing at all to do in my opinion.

[momof5boys]

Yes, I agree with you. It is very important for everyone to make their own list of investments according to their budget. Someone has said “cook at home as dining out often is a huge money drain” hence we have to take care about our expenditure and investment to live a happy life.

Yep, it blows my mind how many people go out to eat on a regular basis. So many restaurants in our town it makes my head spin. Tonight I didn't feel like cooking so I took out a pound of hamburger and mixed it up into six patties. Put them in the oven and voila - dinner - hamburgers without heading out to eat. Dinner cost just over $3 (I make our own bread/buns) for four people!

[momof5boys]

Canada may have a stable economy, but that doesn’t mean Canadians are financially sound. And while the real estate market might be on fire that that doesn’t mean most Canadians are feeling richer.

In fact, Canadians are facing near-record debt loads. If Canada’s interest rates start to rise next year, climbing to more normal levels, consumers could start to find their debt loads unmanageable. This is especially concerning when you consider a whopping 42% of Canadians say they would be in financial trouble if their pay was delayed by just one week.

full post: ​http://www.canadalend.com/blog/debt-...oney-and-time/

Hmmm....do you work for the company listed in this article?

[bobbyreyes]

I have found the article useful and informative, hence shared this. I agree that it’s up to us how we manage our finance or budget. But I think the people who are facing high interest and multiple debts issue can go for debt consolidation as it can be helpful for them.