Consumer Proposals Help Ontario Homeowners
Consumer Proposals help Ontario homeowners keep their properties. Since interest rates have started to normalize, many homeowners have found themselves jammed with larger mortgage payments and higher costs of servicing debt.
Consumer Proposals help by consolidating high interest debt into one single, manageable, monthly payment. On average, Consumer Proposals reduce the face value of debt to about 15% (saving up to 85% of the total amount of debt).
Imagine, if you had $50,000 worth of unsecured debt on credit cards, lines of credit, loans, overdraft etc., it is possible that your monthly payments could drop from about $1,500 per month to $150 per month – without interest being added.
By reducing other debt, cash flow is freed up to meet increased payments on higher interest mortgage debt. If you had a $300,000 mortgage at 1.5% interest, your monthly payment was $1,200, by renewing at 6.39% you payment jumps by 75% to $2,000.
Reducing payments on other forms of debt helps homeowners keep their homes. The scenario, above, shows a Consumer getting $50,000 worth of debt reduced to $9,000 and frees up some $1,350 per month in cash flow (or $550 after making the increased monthly mortgage payment).
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