Managing debts with high interest can feel like an uphill battle. If you’re only making the minimum payments, it’s very difficult to get ahead.
A simple example…
If you have a balance on your credit cards, you could typically be paying 19.99% in interest. If you owed $5,000 on a high-interest credit card, the annual interest would be $999.50. If you only paid $150 off your credit card every month, only around $67 would go towards paying off the amount you owe. This means it would take four years to pay it off in full, and you would end up paying $2,357 in interest. This is just one debt source, often people have multiple.
I work with clients every day to create a debt management plan & a mortgage consolidation solution that works for them. By consolidating, you will often pay considerably less interest on your debt. We can reduce your monthly debt payment to one that is more affordable and can help you pay off debt quickly.
Get in touch today to learn more. Advice is always free.
