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Hi! I would like to introduce you to a lovely couple John and Sara. They have been married for seven years and have two cute children ages 5 and 3. They own their home but they also have a line of credit, credit cards and are just getting by.
So they come to see me about a loan to help out with their cash flow and get everything paid off so they can get away from high interest rates.
This is a wonderful idea! I assisted them with a consolidation loan and off they go happy!
I thought I helped them. I spoke about paying down the cards each time to avoid the high interest rate, and discussed RESP (Registered Education Saving Plans) for the boys to save for their education. Both John and Sara work for good companies with some of the best pension plans around.
John and Sara were happy – we reduced their monthly payments by a few hundred dollars and the interest rate was cut in half on the loan compared to what they were paying on their credit cards.
The question is did I really help them? Check back for my next blog as we move through John and Sara’s story to see if this consolidation loan really helps them out.
Also Read: Part 2 | Part 3
Tanya
Posted on March 16, 2011 by Tanya Quipp
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