Canadian Debt

Debt in Canadian Economy

8/1/20231 min read

Canadians and Credit Card Debt

Nearly half of Canadians have credit card debt, a financial burden that can cause stress and hinder financial progress. If you find yourself in this situation, there are options available to help you get rid of credit card debt. One of the most effective solutions for families is a Home Equity Loan. This type of loan allows you to borrow against the equity you have built up in your home. By using this loan to pay off your credit card debt, you can consolidate your outstanding balances into one manageable payment. Additionally, a Home Equity Loan often offers lower interest rates compared to credit cards, which can save you money in the long run. It is crucial to carefully consider your options and consult with a financial advisor to determine if a Home Equity Loan is the right choice for your specific situation.