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The Careful Canadian Balancing Act

By Molly Wider

Republish: EasyPublish™
Published: 07Jun2009
Word count: 407
Viewed: 111 time(s)

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The Canadian unemployment rate is steadily climbing, leaving consumers with no choice but to balance monthly bills. Most Canadians value mortgage payments above all else resulting in numerous late (and defaulted) credit card payments.

This is precisely why "...the signs of trouble are most evident in the performance of the credit card portfolios..." (Globe and Mail). Even though most Canadians are managing to make mortgage payments, many are not finding the extra funds to put towards growing credit card balances.

Of course, the doubled-edged sword in this situation is that consumers are also relying upon credit cards now more than ever. The promise of "buy now pay later" is just too tempting to pass up in this economy - especially when liquid funds are tight.

This reality leaves consumers with a stifling amount of debt, no more credit, and desperate attempts at trying to scrape together a few extra dollars. Those that own their own homes may have a solution to a dire situation, though this fix is not a quick one.

While almost everything related to the present economy seems hopeless, the good news is that some Canadians can gain extra funds from selling their current home. Since "...Canadian home prices down by less than 10 per cent," homeowners that manage to sell can still make enough of a profit to pay off bills.

Still, there are many Canadians that don't have a home to sell - and those that can't sell fast enough will face foreclosure. However, this doesn't necessarily mean that the average consumer doesn't have a valuable asset that can be used to gain necessary funds. Private lenders that issue car title loans might be worth looking into for those that need some extra cash.

Those that own a car can apply for a car title loan through a private lender. Once a loan amount is determined, these funds can then be used to pay off high interest credit cards. Following the completion of a credit card payment, car title loans can be easily repaid on terms that are agreeable for both the consumer and the lender.

While high interest monthly payments are choking the financial life out of some consumers, these payments can be made without default. The answer for many Canadians is a private car title loan. Even though the economy doesn't seem to be shaping up, those that need a way to pay for monthly bills no longer have to struggle.

For more information about car title loans, please visit our website Bad Credit Loans. While you're there register to receive Financial Updates at our blog.

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