Why owe ‘them’ more than you have to?
A recent TransUnion study found the average Canadian consumer’s debt load climbed to a record high $25,960 at the end of 2011. For many educators, living with debt is a fact of life. Especially when variables such as pension contributions, union dues, taxes, and day-to-day expenses can leave little money left to pay down that debt.
Educators Director of Lending Services Amedeo Perfetto points out that the biggest debt culprit is high-interest credit cards. “The average bank credit card charges 14% interest, while the average department store credit charges 20% interest or more. If you’ve paid your bills on time and have a good credit rating, there’s no need to pay these exorbitant rates.”
And the alternative: low-interest consolidation. Amedeo adds, “By consolidating your high rate credit cards and personal loans into one low-rate option, you can seriously save yourself a bundle.”
Consolidate high interest debt with a low-rate line of credit through Educators.