Is This What Happens When You Go to Bed at 9?

So here it is 5am on Monday and I'm wide awake.  I guess that's what happens when you go to bed at 9.  I tweeted out for tips on what does one do at this hour and @suzemuse tweeted back in seconds "blog!". Now that beats jogging!

So what is the single most important thing I need to tell you about the biggest debt you will ever incur at this ungodly hour?  I can only imagine that if your up you probably, like me, have a lot on your mind.  And what if those thoughts were about money?  I know a lot of people stress over it especially with the Holidays approaching.  I haven't been able to sleep because right now I'm working on a mortgage to help someone get out of trouble.  I know the deal can be done but it's been on my mind all night what is the best course of action.

The first thing I can assure you if you're in debt  you're not alone. A recent survey by Manulife Bank revealed that 27% of respondents had seen their debt increase over the past year, while 17% saw no change. Only 7% paid down their debt more than expected. The report focused on what could be described as middle-income, middle-aged homeowners - people aged 30 to 55 with at least $50,000 of household income. About one-third of those surveyed ranked being debt-free as their top financial priority and another 36 per cent ranked it No. 8 or No. 9 on a 10-point scale. Only 11 per cent of the respondents said they were already debt-free. About the same percentage said they had no idea how many years it would take them. With interest rates and other living expenses on the rise, times are likely going to get tougher for a lot of Canadians.

If your mortgage is up for renewal or if you have equity tied up in your home and you'd like to refinance please send me an email. Before you sign on the dotted line make sure you have a detailed calculation to confirm you are not out of pocket.  In our office we ask our clients to provide us with specific information to determine if you should “stay or break”.  

In many cases I can show you how to lower your interest payments, making it easier to pay off your debt faster, or find you a better interest rate to free up some much-needed monthly cash. 

Now that's detailed thinking at 5am!