Last week, knowing that the holidays have now come to a
close, we started 2015 off with a list of helpful tips to get rid of holiday
credit card debt. This week, we thought we’d go a step further and help you get
a handle on all of that debt - both credit cards and other debt - that has
managed to stack up over the course of the year. If your debt has become a
problem, and you are finding even the smallest minimum payment a struggle, this
list will really help you stay on track when you start seriously paying off debt.
2015 paying off debt tips list:
1. Our
first piece of advice: take a breath. Yes, we know how stressful debt can be –
but it helps, even if just a little bit, to put it in perspective. You are not
alone. Thousands of Canadians are in the same boat. And, there are resources to
turn to when you don’t want to do it alone anymore.
2. Make
a budget. Include absolutely everything that you spend money on on a weekly and
monthly basis, and the amounts. Estimating? Round up.
3. Decide
what can be removed from this list. Sure, you can’t stop paying your mortgage
or rent, but the daily lunches out and weekly massages may not be financially
feasible. Think about making that morning coffee at home – even the little
things can make a huge difference. Cutting costs is perhaps an unwanted part of
paying off debt, but it is completely necessary.
4. Start
with the credit product with the highest interest rate, and ramp up your
payments on it first. Continue making payments (as much as possible) on the
others. Once you feel more comfortable, move on to the next highest one.
5. Start
saving - even just your spare change – in a piggy bank. This way, when you want
to make an indulgent purchase you can use that money rather than increasing
your debt.
If even these tips seem like a drop in the bucket, perhaps
it is time to think about getting some extra help. A debt consolidation, one
done by a reputable company, can turn all of those small monthly payments into
one and cut the interest. A consumer proposal shares these benefits, as well as
the possibility of cutting the total debt. Bankruptcy may also be a viable
option.
Our best advice as far as paying off debt? Be realistic.
Speak to a debt specialist to find out exactly what works for you.
DebtCare Canada has the resources to help you get that debt
under control. For advice about your strategy for paying off debt, please call
us today at 1-888-890-0888.
HOW I BECAME A VICTOR AFTER SO MANY FAILED ATTEMPT OF GETTING A LOAN.
ReplyDeleteI feel so blessed and fulfilled. I've been reluctant in applying for a loan i heard about online because everything seems too good to be true, but i was convinced & shocked when my friend at my place of work got a loan from COLLINS GUZMAN FUNDING'S & we both confirmed it and i also went ahead to apply, today am a proud owner of my company and making money for my family and a happy mom. As a single mom with three kids it was hard to get a job that could take care of me and my kids and I had so much bills to pay and to make it worst I had bad credit so i couldn't obtain a loan from any bank. I had an ideal to start a business as an hair stylist but had no capital to start, tried all type of banks but didn't work out until I was referred by my co-worker to a godsent lender advertising to give a loan at 2% interest rate. I sent them a mail using their official email address (collinsguzmanfundings@gmail.com) and I got a reply immediately and my loan was approved, and I was directed to the Bank site where I withdrawed my loan directly to my account. To cut the story short am proud of my hair stylist company and promise to testify to the world how my life was transformed.. If you are in need of any kind of loan, i advise you contact Collins Guzman Funding's and be financially lifted Email: collinsguzmanfundings@gmail.com OR Call/Text +1 (786) 598-8751