4 Things to Do If You’re Struggling with Debt
Survey results conducted by Ipsos revealed that about 85 percent of Canadians struggling with debt are willing to make personal sacrifices to make their debt go away. 21 percent of Canadians are desperate to shed their debt enough that they would be willing to give up the right to vote for debt relief, the BNN reports. If you’re struggling with debt problems yourself, here are a few ways to deal with the problem.
Cut down on expenses
Start cutting down on your expenses. There are plenty of ways to turn your finances around. Start bringing along a packed lunch. Ditch the expensive coffee and get yours from the grocery. Prepare meals at home instead of eating out. There are plenty of ways you could cut down on your expenses to make sure you have enough to pay off your debt.
Identify your debts
Put together a list of all your debt. Indicate the total amount you owe for each one. Add the minimum monthly payment and the interest rate as well. Once that’s done, you can easily get a clear sense of what your debts are. These can include your credit card balance, unpaid utility bills, student loans and more. By knowing what your debts are, you’ll find it easier to draw up a plan.
Go through your budget
Your budget plan should help you manage your money. If that hasn’t been happening, though, you may need to review your budget, especially in light of all your debts. Start with the basics. Figure out how much you can spend, how much goes into your expenses and how much is left over that you can use to pay your debt.
Consolidate your debt
If you have multiple debts, then it may be time to consider getting help from debt consultants at 4 Pillars. With a professional debt consultant to help you assess your finances and figure out the best way to resolve your debt, you’ll find yourself on steadier footing. A debt consolidation plan means you have one monthly payment. That’s convenient since you won’t have to individually pay off all your debts, each one with different interest rates.
Know how you can conquer your debt. Ask us at 4 Pillars for help and assistance. Our team can provide you with all the information you need if you’re thinking about consolidating your debt.