Steps to Managing Debt
Canadians may wake up in the new year with a doozy of a post-holiday debt hangover.
Track Your Spending
Reduce the number of credit card balances you carry
Evaluate Your Habits
Renegotiate service contracts (Cable, internet and phone companies often release attractive rate packages to lure new customers. If you’ve been a loyal customer of these providers for some time, or your contracts are coming up for renewal, ask them to match competitors’ rates or give you the same packages offered to new clients
Reduce your household energy consumption
Simple actions such as weather stripping to cut down on heating costs, and turning off or unplugging appliances and electronic equipment when not in use can help you reduce your monthly utility bills year round
Paying Your Debt
Pay off the highest interest costs first. Pay the maximum amount on higher interest cards and pay the minimum payment on all other debt. Transfer balances to a credit card with better terms or good low introductory rates.
Lower your entertainment expenses
Monitor Your Credit
Review your credit report at least every 6 months.
Get Professional Help
A financial planner, tax or mortgage professional to review some of the options that may be available to you.
CENTURY 21 Miller Real Estate Ltd
Brokerage Independently Owned And Operated
467 Speers Road, Oakville, Ontario L6K 3S4
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