Personal Finance Canada

1172 readers

1 users here now

Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!

founded 1 year ago

MODERATORS

[email protected]

Monday: Silly Questions (lemmy.ca)

submitted 1 year ago by [email protected] to c/[email protected]

29 comments fedilink hide all child comments

It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 2 points 1 year ago (1 children)

Thanks! It sounds like my best bet is a CPA to figure out how to get the most out of the money I am bringing in now, and then take the numbers to a debt expert to see if I can make it happen.

Would it make sense to go to a new bank (all my current debt is with one bank) and speak to them about moving my finances there and doing consolidation/reworking to get the best payment scheme to get the debt serviced quickly without impoverishing me? Or would you recommend going back to my current bank first?

[–] [email protected] 2 points 1 year ago

Quite frankly, no advice here, YMMV: maybe your bank want to keep you as a customer and will give you the best deal, or maybe a new bank will give you a better deal to get your business.

There is no risk in getting in touch with a new bank to see what they can offer you, or to look for better deals, even for part of your debt if you don't mind the complexity.

Depending on your credit card debt interest rate, and your LOC rates, a good first step may be to repay your credit card with your LOC if you have some room, as CC rates (often 20-30%) are generally higher than LOC rates (10-20%). It will also make your situation more simple.