Credit card debt in Canada soared to over $90 billion just before the onset of COVID-19, but has fallen to below $74 billion. More and more Canadians are increasing their savings or reducing and eliminating their credit card debts given the uncertainty the pandemic has unleashed. Within as little as 48 hours, Tembo Financial can provide you with an equity advance on your home value to help you join the crowd and wipe out high credit card debt and lower your interest payments*. With Bank of Canada interest rates set to rise this year, higher credit card rates on many cards are inevitable – call Tembo today to consolidate your debt and ease your monthly cash flow.
The same COVID related pressures that will see interest rates go up will affect every debt product: from car loans, personal loans, and student loans. All of these products could see rates rise if the Bank Of Candaa acts and now is a good time to head off that risk. Total outstanding car, personal, and student debt in Canada has quintupled since 2000. In a low interest rate environment that we’ve lived through for many years, this was reasonable, but with the strong possibility that rates will go up soon – consolidation is a good option. Consolidating your debt with Tembo will save you in reducing your monthly interest payments and could improve your credit score.
*Subject to Qualification