Most individuals will apply for and have their mortgage approved during their working years. This will be their single largest financial transaction in their lifetime and should be taken seriously. Ideally, consultation should be obtained before entering into this transaction and we encourage mortgage holders to take a few minutes to review and consider the advice that will appear in this and other regular segments of Money Matters.
Personal Debt
Your other personal debts should be managed carefully. They are normally classified as short term loans and attract higher interest rates than your mortgage. Credit cards are often used to pay short term debt, but sometimes end up becoming long term debt at high interest rates. If you are unable to clear you credit card balance, consider applying for a debt consolidation for a specific period at a lower interest rate.
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