When you’re struggling with a mountain of debt, it’s hard to imagine how to pay off debt. And yet, there are many solutions.
Do you plan to declare bankruptcy because you can not see the end of your debt? Know that you have other options. Bankruptcy is not without consequence and should only be used as a last resort.
Don’t hesitate to ask your financial advisors for advice before taking this step. You may be surprised at the number of options available to you.
Want to find out more? Find out what our financial experts suggest to allow you to pay off debt.
Pay off debt: ask for help
It’s never too late to ask a financial advisor for help. Paying off debt can be a mountain for some people. Even if you can do it on your own, it is always better to embark on the adventure by being accompanied.
A financial advisor is the best person to help you. They are able to direct you to solutions adapted to your personal situation. Whether you are in debt for $1,000 or $250,000, they help you get back on track.
The best way to avoid bankruptcy and regain control of your personal finances is to seek help from qualified financial experts. Regardless of your level of indebtedness, your financial advisors can equip you with the necessary tools to help you build a comfortable cushion.
You may have access to options like debt consolidation or the consumer proposal to get out of it. Paying off debt can be simple if you choose to discuss it with a financial advisor!
Budgeting to better repay
Another effective method is to make a budget to pay off your debts quickly. Be aware of your budget’s limits. Do not use your credit for unnecessary purchases or payments.
Make a list of your mandatory expenses every month to properly set up your budget plan. Telephone, internet, food, rent, mortgage, credit cards, are all expenses to be taken into account. Any payments you can not avoid must be included in your budget.
Then, consider what you have left. If you are already over-indebted, avoid using your credit card more. Because even if the credit helps out, it is money that will eventually have to be repaid with interest.
If, after paying for everything you had to pay, you have some money left, save it to build a cushion. You can also use it smartly by making payments to pay off your credit card. Nobody said that paying off debt was easy, but now you know it’s not impossible!
Savings accounts: a good way to pay off debt
Have you heard of RRSPs and TFSAs? Although these accounts are very convenient for your retirement, they are not necessary to help you financially. A simple savings account could be more than enough to pay off debt. How? It’s very simple.
Know that you do not need to have a six-digit bank account to open a savings account. You do not need to deposit astronomical sums either. A mere $20 a week is more than enough to save and build your cushion. Do not hesitate to ask your bank for all the options available in savings accounts.
Would you like to receive additional help on how to pay off debt? Contact Us. An experienced financial advisor from the N. Seguin Group Inc. will be happy to take the call and help you.