21% of Canadians have between $20,000 and $200,000 of non-mortgage debt.
28% don’t even know the interest rate of their most-used credit card.
If this sounds like you, and you have over 20% equity in your home, debt consolidation may be worth a look. A line of credit at or near prime rate (currently 6.25%) can often do the trick. In some cases, though, it makes more sense to refinance your whole mortgage.
If you’re curious about your options, let a professional mortgage planner analyze your credit profile and see what’s right for you.