Indian Institute Of Banking Finance
According to a September, 2009 Manulife Bank poll, nearly two-thirds of Canadian homeowners with household debt surveyed say they have never consolidated what they owe. In fact, a third of those homeowners say they only make minimum payments on their mortgages, credits cards and other loans. While the accumulated interest on these debts costs Canadians unnecessary millions, the big banks wouldn’t have it any other way!
By spreading out debts and income across a number of products and accounts, Canadians are missing out on the opportunity to substantially reduce their debts and significantly cut their interest costs.
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