How to reduce your debt.
In Canada, we have some of the highest debt per capita on the world. Small changes to the interest rate or an unexpected bill can have devastating effects for a family. In order to ensure you and your family are protected and can prosper financially we have compiled a list of actions that will allow you to reduce your debt and lead you to financial freedom:
If are you used to your big name bank then you are probably over paying for bank fees and other interest expenses. Talk to a few banks and even look online for internet banks. These banks sometimes offer zero fee bank accounts and great savings rates. There is much more compeitition between banks these days so make sure you take advantage.
Talk to a new bank or your existing lender to see if you can obtain a better interest rate. There are usually penalties for cancelling your mortgage agreement early so you will have to do a cost/benefit analysis to see if its worthwhile. As long as your interest paying over the term of your new mortgage is substantially higher than your penalty to cancel then it may be an option for you.
Depending on your age and insurance history you may be eligible for huge savings in your insurance premiums each year. If you are a member of a professional body or a union you may be eligible for group rates which can result on considerable savings. Compare car insurance quotes online with companies such as Kanetix (www.kanetix.ca/). Make your broker work for you and not for the insurance companies!