It’s summer, a time to take vacations, fix your fixer-upper, expand your garden, buy new hiking gear, save for post-secondary education and explore the many possibilities that you can make of this great season. What if we told you, this could all be yours? At Integris, we’re just like you – we want what we can’t always have – that’s why we’re big fans of the Integris Line of Credit, because out here, you can get what you want. At Integris, we like versatility, that’s why we’ve got three different lines of credit to choose from:
Line of Credit
Our line of credit is awesome! Why? Because it works the same way as a credit card, but with a lower interest rate! If you have a balance owing on your credit card, consider converting it to a line of credit – you still pay the minimum payment, but less of your hard earned cash goes towards interest!
HELOC – Home Equity Line of Credit
Looking forward to the dream renovation but penny pinching to make it happen? No more! With the Integris HELOC, you can invest your hard earned home equity back into your home! A HELOC is registered to your mortgage using your home as collateral meaning that big investment is going to give you a lower interest rate – can you say ‘home for the win’!
Student Line of Credit
Are you something that wants to stay away from Government Student Loans with a ten foot pole but still unsure how to pay for your post-secondary education? Consider an Integris Student Line of Credit. Interest only payments while you’re in school and the chance to pay it down during the summer – what could be better? Oh yeah – a lower interest rate!
How to avoid bad credit:
A line of credit is a great financial tool that gives you the versatility to make your finances work for you – rather than you working for your finances. However, sometimes, overspending can lead to a financial trap. Here are 3 typical line of credit mistakes to avoid:
- Don’t run the risk of running up debt: the biggest mistake you can make after converting multiple credit cards to a line of credit is not cancelling the cards.
- Make more than minimum payments: switching to a line of credit can save you thousands of dollars in interest charges, but only if you pay down the debt.
- Your line of credit is not a giant credit card: Lines of credit usually have much higher upper limits than most credit cards. That means they can be used for much larger purchases. This can be a very expensive mistake if you never pay off your balance.