Struggling with debt? Yep, that's what we thought. You're in debt and you need help to get out of it, but you probably don't realize just how easy it can be to get your finances straight. If you've decided that now is the time to take back control of your life, read on and find out just how simple it can be...
Work things out. The first thing you need to do when you're trying to consolidate debts is to sit down and work out just how much you really owe. Just make sure that you are totally honest with yourself while adding up all of those debts, otherwise you'll only be making more problems for yourself later on down the line.
*beware that if you find yourself paying off more than 20% of your income, you have entered dangerous waters and need to take urgent steps to fix your finances
Budget time. Now that you understand the level of debt you're in, you can think about budgeting your money. Be sure to include all of your expenses in your budget, and then you'll see what you can realistically afford to pay back each month.
Avoid the urge to borrow money from anywhere else. Loans can be tempting, but they will only add to your woes in the long run.
Get your bills organized. The best way to do this is to pay things off by direct debit, so that they are paid off immediately before you can spend that money elsewhere. Above all else, you need to pay your rent/mortgage, electric and water bills on time.
One advantage of paying via direct debit is that often, companies will offer a discount when you do so, and so you are already cutting your monthly outgoings.
Cut up those nasty credit cards. Do it right now. And that includes store cards (actually these are the worst, as the interest is usually always higher than on cards issued by banks).
Consider changing your bank. Sure, most people like to use the big banks such as TD Canada Trust or Scotiabank, but the truth is that these are often the most expensive banks around. With the rise in internet banking, it's often possible to save lots of money by switching to an online bank that has lesser overheads and hence, lower banking fees.
Now that you have done everything possible to reduce your monthly outgoings and kill off temptation to borrow more money, you can now take steps to organize paying off your debts.
It's possible to negotiate a significantly reduced debt with ALL of your creditors, but in order to do so you are going to need some help. One of the best ways to do so is through a credit counseling service. Our experts are ready and waiting to talk your through your debt problems and come up with a solution that really will work. Chances are that debt settlement is a viable option for you, which means we can talk to your creditors for you, get them to accept a lower amount, and then arrange a reduced monthly payment that you can easily afford.
Yes, we can do that for you, and we can even do it today. Contact us now and let's get this ball rolling!