Refinancing can start at today's 5-year rate of 2.44%*.Apply Now to Refinance or Consolidate Your Debt If a person is in a situation where making monthly payments towards paying down credit debt is difficult, debt consolidation is an option.Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments.
Pulling equity out of your home at today's great interest rates can save you as much as 22% a month in interest charges!
Many people try debt consolidation, but not all emerge better off.
Some borrowers wind up in worse shape, either because they run up their credit cards again or because their debt remains overwhelming despite the better repayment terms.
Debt consolidation allows borrowers to roll multiple old debts into a single new one.
Ideally, that new debt has a lower interest rate that makes payments more manageable or lets borrowers pay off the total more quickly.