Money Is Better Spent On … Debt!

Pay off those debts! Here’s a step by step guide to debt help Canada style, which means doing it on your own:

Understand Where You Are

You should figure out how much you owe to people in order to truly get out of debt. And I mean every person you can think of. Do you owe $90 to your younger brother or $4 to your niece? It is essential that you define exactly what you owe to people, the large and the tiny amounts. CC companies, mortgages, car loan, pay day loans, all of it – family members!┬áDetermine & write down the rate, who you owe the money and how much it costs you each month along with the total balance.

smaller carDetermine How Much You Can Afford

You must know how much you can even put towards your debts each month. If it’s nothing, you need to consider cutting costs. Drop the smoking, find a cheaper apartment!

Set Goals & Timelines

It is important to understand these won’t get paid off over night. And that it’s okay if you have debt for a number of years, if you have a realistic approach to paying it down. But don’t take on new debt for awhile!

Decide On Your Priority

The snowball effect says that even if you have more expensive debts, you should pay the smaller balances off first, start eliminating debt owed to each creditor. It can help with motivation.

We hope you enjoyed out post, for additional help, view these debt management options for more ways to pay down debt!