Financial Literacy Month-BMO's Tip of the Day: Consolidate High-Interest Debt with a Line of Credit to Reduce Costs
Save hundreds in interest costs by consolidating to one low monthly payment
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/27/12 -- To mark Financial Literacy Month, BMO Bank of Montreal is releasing a series of financial tips throughout November. As part of BMO's commitment to 'Making Money Make Sense', the tips are designed to help individuals and families save and manage their day-to-day finances more effectively.
BMO's Tip of the Day: Consider consolidating high-interest debt into a line of credit to save on interest costs and become debt-free sooner.
In the current economic climate, households are looking for ways to reduce costs and save money more than ever. By paying off higher interest debt with a single payment through a lower rate product, such as BMO's (PLOC), Canadians can significantly reduce interest costs and pay down debt faster.
For instance, some department store credit cards can have interest rates as high as 29 per cent. For every $1,000 in balance carried on your department store credit card, you could save up to $230 each year by using a line of credit instead. Based on an interest rate of Prime plus 3 per cent.
"Reducing debt and being smart about debt management is crucial in helping achieve your financial goals," said Su McVey, Vice President, BMO Bank of Montreal. "Where possible, consolidate your higher interest debt."
"CFEE commends BMO's ongoing efforts to support Financial Literacy in Canada and promote ways in which Canadians can increase their competence and confidence when managing their personal finances on a day-to-day basis," said Gary Rabbior, President, Canadian Foundation for Economic Education (CFEE).
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For more on financial literacy, Canadians can visit the Government of Canada's website, as well as BMO's online resource.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media contacts:
Jessica Park, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 27.11.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 1174591
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