Christmas is on its way - How will I make it through without the debt!

• At what point do you stop taking on more debt?
• Do you have at least 6 months salary stashed away?
• Are you prepared for emergencies?

If you are like most Canadians, then you have minimal savings and your debt load could become a major problem if your income suddenly ends.

These questions are on the minds of many people and they should be explored.  The debt in Canada is $800 Billion and they are forecasting $70 + billion for 2007.

You may have already started using your plastic again to start your Christmas shopping for bargains. But aren't you forgetting something?  How about the interest charges if you don't pay off your purchases within your next payment due date?  If you do not pay your new balance in full by your payment due date you will incur interest charges. They can add up so that your bargain that you set out to get is not so much a bargain after all.

I don't want to stress you out but the fact is you may need to consolidate your debt and take out some money for Christmas using your equity in your home. One benefit is that you would not have several payments to contend with on a monthly basis.  You might want to consider putting all your debt into one mortgage and even put your RRSP money for tax purposes away. Another option is to put some money into a GIC for that rainy day or emergency.

It's not a problem if you are self-employed and report a low income to avoid taxes.  One of my new "Low Doc" products will allow you to borrow up to 90% of your home value if your credit score is 620 or 85% of your home value with a 480 credit score.

This means that you can pay off your outstanding mortgage(s), pay off your current credit card debt, provide yourself with Christmas shopping cash,  put some cash in your savings for an emergency, plus lower your current payments by 50% or more.  This will help you to be out of debt faster.

If you have any questions, please call me at my office at 403-242-4392 or contact me by email  or  visit my website  to fill out an application.

Sincerely,

Karen Loehndorf, AMP - Accredited Mortgage Professional

Broker/Owner of Canquest Mortgage Inc.

CANQUEST MORTGAGE
Calgary, Alberta, Canada
direct: 403.242.4392  cell: 403.861.6969  fax: 1.403.249.4536

website: www.canquestmortgage.com
email: karen@canquestmortgage.com