Rising debt loads and little savings are putting a lot of Canadians in financial trouble, the Financial Post reports. If you find yourself in the same situation, here are a few ways to deal with debt.
Face the fact
Stop living in denial. Your money problems will only get worse—as will your stress and anxiety levels—if you don’t face up to the situation. Do you have a ton of credit card debt? Make a list of how much you owe and to what companies. Put in the interest rates. Once you’ve put this together, start prioritizing your debts.
Work out a budget
Know how much you can afford to spend on paying off your debts. Tally your income against your expenses. The amount you end up with should be used to pay off your debt.
Stop any unnecessary spending. Pack lunch to work and cut down on eating out. That’s going to help you build your bank balance so you’ll have more you can use to pay off your debt.
Explore your options
If your debt is too big, consider consolidating your debt. Don’t know the first thing about the process? Look to debt consolidation firms like 4 Pillars. With help from experts, you can explore all your debt repayment options.
Stop adding more debt
If you already have more debt than you can manage, then stop adding more. Leave your credit card at home if you’re an impulsive buyer. Keep to the essentials. You’ll survive without going for that good deal or discount bargain.
Don’t wait until your problems snowball to bigger ones. Get help from debt counseling and consolidation experts at 4 Pillars for help and assistance. The sooner you get help, the sooner you can start taking steps to manage your debt and take back control of your finances.
You can contact our consultant Benjy Houser for more details.
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.