Smarter money management Yellowknife NT
Smarter money management
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(NC)-Seven out of 10 Canadians pay off their credit card balances in full each month. While many Canadians are smart to pay off their debts in full, they could be exploring an even smarter and faster way to do it.
Many of us hold onto our money in low-interest savings accounts, then pay off our credit cards and other bills as close to their due dates as possible. But, in practice, do we really come out ahead by leaving our money in a traditional chequing or savings account?
An all-in-one account may be the answer to make your money work harder on those days between when bills are issued and their payment dates.
Manulife launched the first all-in-one account for Canadians in 1999, based on popular mortgage products in Australia and the United Kingdom. These accounts, such as Manulife One, combine your mortgage, credit card or other debts with your income and savings in a single account. You pay the same low interest rate on all your borrowings, and you can use your money for daily expenses and unforeseen bills. Interest is charged daily on your outstanding balance so, the quicker you pay off your debts, the lower your interest charges can be. Potentially, you could save thousands in interest charges over the life of your mortgage.
Your financial advisor can advise you on how to reduce your debt quickly through Manulife One. For more information on banking plans, all-in-one accounts or contacting a banking consultant, visit manulifeone.ca or call toll-free 1-877-765-2265 or ask your financial advisor for a referral.