Debt Management

Overseeing your own personal finances can be tedious, which is why many people seek professional assistance.  Companies specialized in debt management help their clients accumulate their debts into one feasible, monthly payment.  This method is preferable since one low-interest payment is better than having to deal with several creditors.  Debt consolidation takes a different approach. In this method the institution provides you with a loan to pay off any outstanding debt, leaving only the initial lump-sum borrowed to be paid back.

Insurance

Many people believe non-obligatory insurance to be an unnecessary expense.  While some employers may offer reliable benefits, the coverage is often not enough.  Health insurance policies should include affordable deductibles, inpatient and outpatient care, hospital stays, and prescription drugs.  Extended health care policies worth considering include long term disability or travel insurance.  Life insurance is never a bad thing to have as well, just as property insurance can be used to protect your material assets.

Mortgage Loans

Mortgage loans are loans secured against a property that is purchased by a financial institution on behalf of the homeowner.  While the property may exist under that homeowner’s name, the financial institution holds the right to repossess the property under the conditions of missed payment.  Mortgage contracts are flexible and may adopt a fixed rate, adjustable rate, prepayment, or capital option plan.  Take the time to ponder the specifics of the loan you wish to obtain; whether that regards the loan’s amount, duration, rate, etc.  These are only some of the many things to consider before settling on a mortgage.

Wealth Management

Wealth Management programs are typically geared towards “high net worth” individuals who wish to protect and grow their wealth.  Services work to protect the individual’s monetary assets while also promoting its growth through active risk and reward assessments.  Common wealth management services include: insurance planning, tax planning, asset protection, retirement planning, business planning, estate planning, investment planning, business succession planning, and transfers of wealth.

Credit Card

Among the most popular instigators of debt in North America is the credit card.  To avoid credit card troubles it is essential to understand where card holders commonly fault and how to not make the same mistakes.  It is best to look at the factors that provoke credit card use, how to detect them and how to prevent them from getting the better of your judgements.  While many people believe them to be a blessing for emergency situations, it is often that mentality that gets the user into financial trouble.  A responsible credit card holder must be aware and show restraint.

Loans

Not all loans are equally weighted which is why doing your homework is a crucial preliminary process. Secured loans use an asset as collateral but offer low monthly payments.  With this said, secured loans tend to favour lengthier contract durations whereas unsecured loans offer a variety of term lengths and interest rates.  Unsecured loans do not require collateral.  Payday loans require proof of identity and income, but with the proper documentation you may be eligible to receive a loan up to the amount of your average paycheck. Auto title loans are simply loans placed against your vehicle’s title.  Each loan may fit the needs of some and not the needs of others.  Review the specifics of each option and make an informed, contemplated decision before proceeding with the loan.

Financial tools

In addition to providing clients with professional financial services, Mercantile also offers some useful tools for calculating budget, education, retirement, wealth accumulation, and transaction plans.