Wednesday, April 10, 2019

Consolidate your spring debt in time for Easter fun with Mountain Ridge

Check out these great tips from all over the internet that I have compiled to help you on your journey to save money for Easter and the coming holidays.  This is a sponsored post thanks to Mountain Ridge. 

I know that with Easter coming you might want to be able to afford the cool things like decorations and dinner with the whole family.  Maybe even buying a new car or home for spring.   Unfortunately money is not always readily availble and times can can get really tight.

 I am not an expert on finance but I was able to scour the internet to find some of these amazing tips to help you get started with debt consolidation.  Also thank you to the experts for the great tips.  
Art by JVM original (My kid)

Tip #1
Work on improving your credit score before consolidating your credit to reduce your interest rate. Pay off smaller credit card balances completely, but keep the accounts open. This will lower your utilization rate, which is good for your credit rating. Cut up the cards so you are not tempted to drive up the balances again. – Doug Hoyes, Co-founder

Tip #2
Balance the competing objectives of increasing your monthly cash flow and paying off your debt sooner. Make your payments as large as you can afford and the term of your loan as short as you reasonably can.– Ian Martin, Kitchener & Stratford Offices

Tip #3
While a variable rate mortgage may carry a lower rate, consider a fixed rate mortgage. In most cases you’ll still significantly lower your monthly payments, but will have the financial security of knowing your payment won’t rise if interest rates increase. – Julie Wildman

Tip #4
If you are only making minimum payments against your credit card balances today, debt consolidation may not be your best solution. Compare the repayment periods and costs with other debt relief alternatives. – Alison Petrie, Oshawa Office

Tip #5
Once you consolidate your debt, don’t incur any new debt. Debt consolidation often fails because people continue to use credit to make ends meet, racking up new debt on top of old debt. – Doug Hoyes, Co-founder

Tip #6
Start with a list of your debts and set some repayment goals. Ask yourself how quickly you would like to eliminate your debt. Debt consolidation on its own doesn’t eliminate debt, it just transfers your balances to a new, hopefully lower interest rate, loan. This may help you pay off debt sooner. – Scott Schaefer, Kitchener & Stratford Offices

Tip #7
Talk to your bank or credit union about a personal term loan. Term loans usually come with lower interest rates than most credit card rates. In exchange for this lower interest rate, know that you are committing to a fixed monthly debt payment. – Jason Quinney, Brampton, North York and Vaughan Offices

Tip #8
Begin by taking advantage of any low-interest rate balance transfer programs offered by your credit card company. Know that there may be a limit on how many months the low interest rate will apply. Watch out for balance transfer fees that may eat up any potential interest savings. – Howard Hayes, Cambridge & Brantford Offices

Once again thank you to all the experts and I hope you have a very happy Easter.  

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