The Simplest Ways To Get Out Of Debt
How to save on your home renovation when money is tight
May 9, 2018How long will it take to pay off my credit card debt if I’m only making minimum payments?
July 8, 20181. Pay More Than the Minimum
If you have a large chunk of debt and you’re only ever making the minimum payments, interest will accumulate and you will be in debt for years.
2. Spend Less Than You Intended on Spending
You’re in debt because you’re spending over your limit. Carrying on this habit will only make things worse, time to cut back!
3. Pay Off Your Most Expensive Debts First
Not only your “most expensive debt”, but also the debts which are accumulating the greatest amounts of interest. Start here and work your way back.
4. Buy a Good Used Car Rather Than a Brand New One
Sure, new cars are nice… but let’s face it, cars are a bad investment. Especially if you choose to finance your vehicle. Think about it, you’re paying interest on a depreciating asset, so you’re loosing money in two directions.
5. Consider Becoming a One Car Household
Gasoline, insurance, maintenance, licensing, car payments. If possible, cut your total vehicle budget in half by getting rid of one vehicle.
6. Save on Groceries to Help Pay Off Debt Faster
Keep an eye out for the sales, especially on essential consumables like toilet paper and toothpaste. If these items go on sale, buy them in bulk because they may not be on sale next time you’re shopping, thus you have an instant ROI.
7. Speak with a DebtHelpers.ca advisor – it’s free!
We can be reached toll-free, 1-855-873-6222. Or via email support@debthelpers.ca