7 Tips To Consolidate Your Debts in Oakville
In Oakville, there are a number of options that are useful in consolidating your debts. Each option has
pros and cons and not every option is available or suitable for everyone. It all depends on your unique
situation. Here are 7 Tips that you should consider and use to consolidate your debts.
TIP #1 – If you are concerned with your debt load and are feeling overwhelmed, the first step to take, to
add clarification to your situation, is to write out a complete list of all of your debts. Your list needs to
be thorough with the details of all of your debts including amounts, interest rates, payment amounts
and due dates. This simple step will help you see the exact situation that you are in and is an excellent
first step in looking into how to deal appropriately with it.
TIP #2 – The next step to take is to create a budget that details all of your monthly income and all of your
monthly expenses. The budget will quickly identify if you are spending more than you earn each month
and then can allow you to make adjustments to expenses where necessary. Detailed tracking of
expenses can be eye-opening. If you can reduce any expenses it will increase your cash flow and that
increased cash flow can be used to pay down any debt load you have.
TIP #3 – Research all of your options when you are considering consolidating your debts. The
professionals at Matrix Mortgage Global know all of the agencies and programs that can help for your
situation and are a wealth of information.
TIP #4 – An excellent option to consider is to refinance your existing mortgage to get a better rate,
extend your term or lower your payment. Refinancing can allow you to free up capital that you can use
to pay off high rate, high payment debt. Overall, you can reduce your monthly payments.
TIP #5 – Another option to consider is to take out a second mortgage to pay off outstanding debts.
Taking out a second mortgage to pay off debts, combines all of your different debts and payments into
one, often lower rate payment. Second mortgages have a set, monthly payment and timeframe and will
add stability to your payment situation.
TIP #6 – Homeowners should also consider a Home Equity Line Of Credit to pay off other outstanding
debts. A Home Equity Line Of Credit is more flexible then a second mortgage and has a minimum
monthly payment. It can be paid off quickly if additional funds are available. Because it is flexible it
allows you to allocate more or less to debts you are trying to eliminate.
TIP #7 – Just knowing and investigating all of your options is not enough. Once you have done the work,
it is now time to take action to find the best remedy. Problems usually don't go away by themselves.
The next step is to start fixing the problems and improving the situation. It is much easier than you
If you are interested in learning more about consolidating your debts, have any questions about how to
start or where to look, or would like to proceed, contact Matrix Mortgage Global today.