The Correlation between Stress and Debt

by: Judy Shilmar

Are you stressed out about money?

Do you constantly find yourself thinking about your bills and how you will pay them? If you do, don’t worry you’re not alone. In fact, stress levels are highly correlated to the amount of debt people have. This is one of the reasons why there are so many self help books on stress relief techniques. Canadians are looking for ways to live a more balanced lifestyle where they can learn better ways to deal with stress.

Did you know that there is a possible solution to your problems with debt and stress? And it is available to home owners throughout Canada. It’s called rolling up your debt. It gives you the breathing room you need and helps transform bad debt into good debt. It also gives you the ability to save money each month.

Debt is such a big concern for many households in Canada, that it is the leading cause of stress. Having high amounts of monthly payments on debt can hinder the amount of cash flow you have and affect your quality of life.

If you find yourself in this situation, this is when consulting with a mortgage planner can be of great assistance to you. With the right re-financing package you will be able to put an end to constant stress, related to poor financial planning and high amounts of debt.

It has been discovered that not only have Canadians added to the amount of debt they have, but there has also been an increase in individual wealth as well. An increase of individual wealth is closely related with the rising market value of real estate.

This influences debt in one important way. It gives homeowners added equity and allows them a chance to consolidate their debts. These debts include credit cards, and other high- interest rate unsecured loans.

It is a mixture of low mortgage rates paired with high housing appraisal costs which are revamping debt from bad to good. This creates a lower interest manageable debt that is secured against your home.

There is no way to predict how long these excellent rates will be in effect. Canadians are refinancing in historic numbers in order to capitalize on this opportunity.

Independent mortgage planners have many advantages then the average lay person and can help consumers, like you find the best deals on loans and mortgages. This is because they have access to over 50 different lenders, which include many of the major banks.

This innovative movement has mortgage planners becoming experts in restructuring the debt of Canadians. It is also a way for them to help you save thousands of dollars in the long-run.

Some helpful tips to remember when applying for a home equity loan is that you will not be able to consolidate different types of loans. This means you cannot combine a government loan with a private loan. You will need to have enough equity built up in your current home to cover your remaining debt. If you recently purchased your house, you will most likely not qualify for this type of loan.

You will also need to show proof of your monthly income. This shows the lender that you are a good candidate and are more likely to make timely payments. It also shows them that you will be able to afford to pay the monthly loan amount.

Home debt consolidation can be the light at the end of a dark tunnel. It can help you achieve the financial freedom you have always dreamed of. Can you imagine your life no longer centering on money and debt? By using the equity of your home you can feel better about where you are and where you will be in achieving your financial goals.

About the Author

Judy Shilmar is a Mortgage Professional based in Alberta Canada. You can reach her at http://www.mortgageit.ca