Need Cash Fast?

Do you ever feel as though you’re drowning in payments? Have you extended your salary until there’s barely any left, in order to make your monthly obligations? Well, chances are you’re not alone. With the economy in a state of uncertainty, it’s difficult to plan from one day to the next with layoffs and job losses always a risk.

So why wait? Do something about those payments to help you plan for an emergency. If you are making high interest payments, chances are you may never see the proverbial end of the tunnel, especially if you only make your minimum monthly payment. And credit cards interest is at an all time high, considering so many people have incurred debt and have been unable to repay those obligations.

They have to make up the money some way, so they pass down the loss to the consumer in the form of even higher interest rates. But if you’re a homeowner, there is a solution. If you’ve owned your home long enough to have something built up called equity, you can actually get a quick loan for cash on your mortgage. That’s right. With a simple call to your mortgage broker and some minor paperwork, you can take out a loan (often referred to as a second mortgage) in exchange for cash to pay off all those high interest credit cards or other miscellaneous loans.

Sound like an easy solution? It can be, but remember you can’t borrow your way out of debt. The only way to become completely debt free is to pay off all balances. The second mortgage must be repaid. And as a rule, most consumers are advised to cut up their remaining plastic so the temptation is removed. Most financial advisors suggest having only one credit card with a minimal credit limit and ask their clients to pay off the balance every month. Be sure to check with your mortgage broker or financial advisor if you have any questions before signing your contracts and enjoy that left over money at the end of your month!