Pros cons consolidating debt canada
You might not find the same level of service at the big banks…So if you want someone to guide you through the loan process, a mortgage broker may be a good choice for you.However, borrowers who have trouble qualifying or need to finance tricky deals will often get turned away at banks.So for these people, using a mortgage broker is often the next best option.They also tend to hustle a bit more with their commission on the line.Responsible credit card usage can help you take advantage of certain promotions and can help build your credit, but sometimes certain life events or unexpected challenges you come across may mean you end up with excessive credit card debt or financial stress.
Banks are seemingly the more trusted and familiar choice, and often provide borrowers with discounts based on a pre-established relationship.
Make a list of all your credit card balances and loans, along with the minimum monthly payment and APR for each.
If you’re not sure how many cards you have open, you can check your credit report for free to find out.
Next, make a list of all the non-credit card bills you have to pay each month, such as your rent or mortgage, auto or student loans, utilities, phone bill, groceries, child care, gas, etc.
Add the tallies from the two lists (your credit card bills and your monthly living costs) together to get your minimum monthly expenses.