5 Ways to Reduce Your Debt in the Next Few Months

Canadians had consumer debt levels of about $1.821 trillion in the fourth quarter of last year, the Global News reports. That figure is an increase from the $1.997 trillion recorded in the third quarter. With debt balances up by 3.3 percent for the average Canadian last year, increasing debt is becoming a concern.

If you find yourself dealing with debt problems too, here are a few things to help you deal with your debt and take measures to see the amount you owe fall in the next few months or so.

Stop adding to it

The first thing you’ll need to do is to stop adding to your debt. If a huge part of your debt comes from your unpaid credit card bills, then you’ll want to keep the plastic away. Don’t stack up more debt onto your existing pile of debts.

Switch to cash

Restrict yourself to cash. Leave your credit card at home. Bring it along only for planned purchases. That should keep you from using your credit card to shop around. Another plus to using cash is that you can see your money disappear. Using cards don’t quite give you the same sense, so you don’t always realize how much money you’ve already spent.

List them all down

Know what you owe and how much. That way, you can pick the most important debts first. By listing down all that you owe, you can start managing your debts better. This is the first step to organizing your finances and getting your finances on track.

Get help

Look for a debt consultant to help you out. If you have multiple debts, it can be stressful and inconvenient to have to pay for all of them individually. The stress and hassle, not to mention the time and effort necessary, to take care of all your debt can be tremendous. There’s a better way to do this, and that’s by consolidating your debt. Talk to debt consultants at 4 Pillars in Victoria for help and advice.

Pay your bills

Keep at it. Don’t try to skip your payments. The best way to live free of debt is to stick to the plan. If you start missing payments, you’ll find yourself back the shaky financial ground. That’s going to be a slippery ride to financial rut and ruin.

Get out from under that mountain of debt. Look to pros for much-needed assistance. Know your options. Ask us at 4 Pillars in Victoria.