Pay your debts more quickly without hefty instalments!
Make your payments weekly instead of monthly.
If possible, select a short term. The interest rate is usually lower than for long terms.
Opt for the variable rate, the lowest on the market, and by making higher payments, you'll pay off your mortgage more quickly. For example, on average over the last 10 years, the 1-year term was 1.11% lower than the 5-year term.
Each year, use the tax return you get from your RRSP contribution to pay down your mortgage.
If you want to contribute to your RRSP but you can't seem to pay off all your credit cards, you need to review your financial plan. Start by listing your priorities.
