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How to Pay Off Debt With Debt Consolidation in Canada

Posted onMarch 14/2022By

The pandemic has not been kind to Canadian households. In addition to the stresses of living in lockdown, personal debt levels have ballooned since March 2020. According to a report by Statcan, Canadian families were saddled with $2.5 trillion in debt one year into the pandemic. This financial burden is almost unbearable on an individual level. For every dollar each household makes, they carry $1.73 in debt. Are you currently struggling with debt? At Northwood Mortgage, we believe that every Canadian should feel confident knowing that help is always available. Let us be that help. This article will explain how…

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How to Avoid and Not Accumulate Debt

Posted onApril 28/2020By

If you are thinking of buying a home, you may be interested in a mortgage qualifier in order to determine if you have a good chance of qualifying for a mortgage. In addition, a mortgage qualifier may help you learn about your current financial standing, as having large amounts of debts may poorly affect your credit score, which will also reduce your chances of qualifying for a mortgage. In truth, the best way to reduce your debts is to be proactive about how you manage your money. In other words, you should create a sound and realistic financial strategy, which includes avoiding impulse purchases that you will later regret. Here, we will delve into some easy steps that will help you avoid the accumulation of insurmountable debts. Steer Clear of Impulse Buying Many people look for immediate gratification, and will often buy things that they don’t need or even want.…

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How Are Debts Divided in a Divorce?

Posted onMarch 16/2020By

When a couple divorces, they may worry about how their assets will be divided. However, if the couple has debt, then there is the additional issue of determining who will be held responsible for any debt that is owned by or between both parties. For instance, if one party is awarded more property than the other in the settlement, then they may also have to deal with more debt obligations to compensate. Here, we will discuss debts, such as mortgage debt, and how they are divided in a divorce. Credit Card Debt If your spouse has any credit card debt…

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4 Tips To Pay Off Your Debt Faster

Posted onMarch 14/2016By

Debt can have a significant impact on a person’s lifestyle and stress levels. It can become a cloud that prevents them from achieving their dreams and reaching their long-term objectives. But for those currently struggling with debt problems, there are multiple fast debt relief options available. In this latest post, our team highlights four tips to pay off your debt faster. Pay More on High Interest Debt Tackling the debt with the highest interest rates is the best way to make significant progress in relieving debt. This means that those debts to multiple institutions should review the debt with the highest accumulating interest rate and place their available capital into this debt first and foremost. Because the highest interest rate accumulates the fastest, focusing on this accruing debt first will help prevent further financial issues. Evaluate Your Vehicle Choices One of the leading reasons Canadians take on debt is to…

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