Your Mortgage - the devil is in the details

With interest rates down and consumer debt interes rates still high many in Kelowna are looking to refinance their mortgages in Kelowna.

Unfortunately for some when they meet with their bank they are in for a suprize, and the cost is much higher than expected.

Check out this link from cbc.com on the "Devil Is In the Mortgage Details".

When you arrange your next mortgage get good advice ... remember is you that will pay if your mortgage is not set up correctly.

Mike Hassard Primerica Kelowna

Protect Your Family with Term Insurance, Elminiate Debt, and Build Savings with Mutual Funds

Debt - Greatest risk to Kelowna's Financial Security

According to the Bank of Canada ... household debt is emerging as the greatest risk to Canaa's financial system and the financial lives of Canadian and kelowna families.

The Amazing part of all this ... the personal credit crunch and rise credit card debt is nothing new ... check out these two excerpts from the CBC archives the first from December 1978 and the second from November 2008.

As Canadians rush off to buy Christmas gifts in the last weeks of 1978, a sobering new statistic might give some shoppers pause. Consumer debt in Canada has now reached a record $32 billion and there are no signs of a slowdown. Banks are competing to offer more mortgages, loans and credit, giving the average consumer more rope to hang themselves with. Debt counsellors are seeing more customers than ever before and one offers his view on where the blame for our collective debt lies. Check the video below

Courtesy of CBC archives

Now compare the video to a current story from the CBC in November 2008

Forty years after the credit card was introduced, Canadians have had plenty of time to learn about the perils of credit and reckless spending. But consumer debt remains staggeringly high, and a recent report from CIBC World Markets shows that our personal debt continues to outgrow our income by an alarming rate. Not only is the global economy hurting, but many Canadians are finding their own households sliding deeper into the red. In this 2008 report,CBC News: Sunday asks: how did things get this bad? Check Video below

Courtesy of CBC archives

If you are facing a personal credit crunch give our office at Primerica Kelowna a call. We can help you create a written game plan to optimize and eliminate your debt. Check out my four part series on Renovating Your Financial House at www.mikehassard.blogspot.com .

For more information contact Mike Hassard Primerica Kelowna 250-861-1465 or email mikehassard@gmail.com or stop by our office 209-1511 Sutherland Ave.

Mike Hassard Primerica Kelowna

Protect Your Family with Term Insurance, Optimizing and Eliminating Debt and Build Savings with Mutual Funds