Debt can become a vicious downward spiral, and it may feel like it has happened in the blink of an eye. One minute you’re living life, feeling positive about your job, your family situation and your finances. The next minute you’re being suffocated by a pile of bills, and you can’t see a way to reduce debt in Toronto.

How did you get here?

And that’s a question that could have such a huge variety of answers. Money trouble can happen to anyone at any time. Just one unexpected life event can change your life irrevocably. Perhaps you were made redundant at your job? Maybe one of your kids gets really sick and you need to take a leave of absence from work to care for them and to travel to medical appointments. Your spouse dies and your family of six now has to survive on one income instead of two, and you need to cover the funeral expenses.

The stigma surrounding debt really is ridiculous and unfounded. Every one of us could find ourselves in a worst-case scenario and scrambling for a way to figure out how to pay the bills.

Perhaps the stigma associated with debt is because of a misconception about people living beyond their means? This is elitist thinking and perpetrates a harmful stereotype that creates a scenario where people feel too ashamed to look for help to reduce debt.

It’s all fine and well for the experts to preach the importance of a budget to reduce debt in Toronto or for making regular contributions to an emergency fund, but it’s quite plausible that those experts have never had to live paycheque-to-paycheque, having to rob Peter to pay Paul every month. It’s impossible to save money when every dime is already spoken for before you even have it physically in your hand.

One way to start to reduce debt is to find extra money. This is easier said than done, especially when the most typical way to boost income is through additional employment, and this is not always a viable option for people who are already working more than 40 hours a week while managing a large family.

Sometimes the only way to reduce debt in Toronto is to consider refinancing. Mortgage refinancing specifically is an excellent way to consolidate debt, but it also has other advantages including the ability to get a better interest rate or to switch the interest type (fixed vs. variable).

But, what if there was a way to earn extra money while refinancing your mortgage?

There is a discount buying and rewards platform that was created out of necessity. The creator of this program (called Shop2Save) both recognised and identified with the financial struggles of the average consumer and sought a way to create an equal playing field. By leveraging the power of crowd-buying Shop2Save is able to cultivate the very best deals usually only reserved for mega-corporations who buy wholesale.

Shop2Save also wanted to reward it’s members for joining and shopping through the site and as such created a loyalty program unlike any other. For every dollar generated in sales by shop2save members, 45% cashback reward dollars are added to the member’s personal e-wallet. These rewards can be used any time, without a minimum balance required for redemption.

In further recognizing that financial struggles often come from larger bills like home and auto insurance, real estate transactions and mortgage financing, Shop2Save collaborated with some of the leading professional companies in Canada to facilitate rewards for members when sales are arranged through the site.

For mortgage refinancing in order to reduce debt in Toronto Shop2Save connects members to the services of Dominion Lending Centres, the leading mortgage company in Canada.

Visit Shop2Save today to see how you can get extra help to reduce debt by earning cashback rewards when refinancing your mortgage.