Banks and credit card companies love this time of year because this is when we’re most likely to carry a balance, forcing us to pay those crazy interest rates that range from 9% to 24%.
But, wait! Before you get too depressed, there may be a better option. There’s a less expensive way to manage your debt.
DEBT IS DEBT, JUST PAY LESS INTEREST
Canadians seem to think debt consolidation is a dirty word. Studies show that we’re paying down our mortgage balances faster (I like that trend), except we’re carrying other higher-interest debt such as car loans, unsecured lines of credit and credit card balances.
The big problem here is that these non-mortgage debts carry extremely high interest rates ranging from 6% to 24%…