Credit Cards Can Hurt Your Mortgage And Your Life

When I was 15 years of age, on family jewels in New York City. It was so exciting being in the Big Apple for my first time. As I was in the hotel lobby I can still remember my dad reaching in his pocket to pay for our overnight stay with cash. This may be hard to leave but my father never owned credit cards. In today’s world it is inconceivable that booking a hotel, buying concert tickets or ordering anything online with Amazon can be done without credit cards. In today’s mortgage world I see how credit cards set families back with refinances of their homes where their equity ends up shrinking.

Big Money Makers For Banks

When clients refinance we take particular interest in studying what that is impairing their lives the most. The one credit card we will pick on is capital one. Specifically it is fascinating how many of our valued clients have a Costco capital one card. We decided to do a little research on this card and discovered the interest rate charged is between 19% to 25%. Wow I wish I had a bank account which gave me half that interest they charge. Major Canadian banks are no better, the inflict interest charges around 19%. The last time I looked, my savings were earning a whopping 1%. Store cards like Home Depot or the BA are not shy in letting their value clients pay 27%. No wonder Canadians are struggling. There is money in finance. Other areas of the Canadian economy are starting to totally understand this. We should look no further than the brick, Homer Lyons, the car companies and other Canadian companies. In some ways like the Brick and Leon’s they make money more money in finance than they do selling their furniture. Let’s go back to capital one. Last year in the US, they collected 23 billion in interest charges.

Unfortunate For Canadians

I do not want to know how much they collected in Canada but it stands to reason why over 50% of Canadian families are living paycheque to paycheque. They all profit on misery and your demise. Unfortunately for families, it affects their quality of life and their health. The stress level for most is unbearable.Pay your credit cards, refinance with the goal to keep more money. It will improve your physical and financial health.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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