Consolidating debt into mortgage scotiabank
As loans secured against a property (a mortgage) are almost always the cheapest way to borrow, we see plenty of cases where we save people LOADS of money in interest or reduce their monthly outgoings drastically.The impact of consolidating can really change the lives of those who have gotten into increased levels of debt and are struggling to keep up.
Saving refers to monthly outgoings – stretching unsecured debts over a longer term despite the rate being much lower, could result in you paying more interest in total.
2014)When monthly bills get out of hand, debtors frequently look to debt consolidation.
This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.
That's particularly helpful if you can combine it with a lower interest rate as well. Basically, you borrow a single, lump sum of cash that's used to pay off all your other debts.
There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.