Canadian household debt is at an all-time high, with a debt-to-income level of 171 percent of disposable income. Simply put, Canadian households have an average of $171 in debt for every $100 of disposable income – a number that the Parliamentary Budget Officer predicts will rise even further to $174 later this year!

When was the last time you reviewed your current debt situation? With low interest rates and hot home prices in many regions contributing to high homeowner debt, homeowners need to keep in mind that their households are vulnerable to economic shocks that could come from a sudden slide in the value of their home, an increase in interest rates or an unexpected job loss.

Wondering if there's anything you can do to organize your household debt and perhaps save money on your higher-interest debts as well? Let's have a look at the status of your mortgage, and consider how you might be able to reorganize or consolidate your other financial obligations. For example, if you are carrying a large amount of high-interest debt outside of your mortgage, you'll want to ask if it makes sense for you to roll those commitments into a low-rate mortgage at this time. Doing so could potentially save you thousands of dollars in interest payments, and make a big difference in your monthly cash flow.

Please call today for a no-obligation discussion about your mortgage and other financial commitments.

From The Virani Team April 2016 Newsletter - Courtesy of Market Connections Inc.