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Between house and car payments, credit card bills and student loans, debt is a fact of life for most Canadians. And even though paying off debt can seem like a never ending process, you can succeed in becoming debt free – all it takes is a plan!
Start with debt consolidation
If your debts are scattered among various lenders, debt consolidation is probably the right strategy for you. Many financial services offer plans that roll up all your debts into one monthly bill. Home equity loans and personal lines of credit are particularly useful ways to consolidate your debts and pay them down faster. With these tools, you can pay off your high-interest rate debts with a low-interest rate loan that you can then work diligently to pay down.
Create a debt repayment plan
If you only have debts with one or two lenders, the best approach is to build a sensible debt repayment plan. Map out what you owe and set a date for becoming debt-free. Start by checking out our credit card calculator. Use it to figure out how quickly you can pay off your debts at a convenient and affordable monthly rate.