3 Quick Ways To Erase Your Debt

3 Quick Ways To Erase Your Debt

Many people would love to pay down their debt or get rid of it altogether, but they aren’t quite sure of the best way to do it. There really isn’t any one best way that works perfectly for everyone. So here are some suggestions to get you started. The more of these that you can apply, the faster you will get out of debt.

  1. Pay More Than the Minimum. Make sure that you always pay more than your minimum payments. If you only make your minimum credit card payments each month, it can take forever to pay off your balance. If you want to pay off your balance quickly, pay as much extra as you can afford. Even an extra $50 each month will help.

  2. Spend Less Than You Plan to Spend. Not even millionaires can afford to buy everything they want. If you want something, don’t buy it unless you have the money. If you can be satisfied with less than you would ideally want, even temporarily, you can use the money you save to pay down your debt.

  3. Track Your Spending and Identify Areas to Cut Back. For some people, doing this can save them almost as much money as working a part time job. You won’t know how much you can save unless you give this a try. Once you know your spending habits, you should be able to identify areas where you can cut back. Allocate the money you find to paying down your debts quicker.

    If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.