Do you know when to Consolidate?
January 24, 2025 | Posted by: Sherry Corbitt
A common question I get is that it is time for our renewal. Should I consolidate? Here is a sample to help decided if it will increase your household cash flow and help your family:
CURRENT:
Car: $15,000 payment of $300
Credit cards: $10,000 payment of $250
Line of credit: $10,000 payment of $150
Total debts: $35,000
Total payments of $700
To add $35,000 to a mortgage, the payment increase is only $149.00 a month! Based on the variable five-year rate, amortization of 25 years.
That adds $550 back into the household cash flow. Use that extra cash flow to give you some breathing room and set up life insurance, RRSPs, RESPs, or TFSA.
I would love to go over your numbers and run a personalized plan to see what your monthly cash flow increase could be!
Sherry Corbitt, Mortgage Broker
