Start Reducing Your Debt with Help from 4 Pillars Victoria Consultants

Recent studies suggest that an increasing number of Canadians find themselves in debt and are spending as much on debt interest as education. This does not mean, however, that Canadians aren’t taking action: a poll conducted at the end of 2016 revealed that paying down debt is the top financial priority of over 28 percent of Canadians. It also seems that they are trying to lead lives debt-free, as 70 percent of Canadians did not take any new debt in the past 12 months. With these encouraging numbers, one can’t help but be inspired to take the first steps in reducing their own debt. Start your own journey to becoming debt-free by heeding these tips from 4 Pillars Victoria Nanaimo, Port Alberni, and Courtney consultants.

 

Start Looking at Your Budget

Managing your debt always starts with examining your financial status. Track where every dollar is being spent, and gauge if you’re actually spending more than you should. In fact, you might be surprised by how much money you’re actually spending every day. Once you’ve figured out where your money goes, it’s time to take steps into changing your spending habits. For instance, make your meals at home instead of eating out. Turn off appliances when they’re not in use. Simple steps like these can go a long way in saving money, which you could then use to pay off your debts.

 

Set Realistic Goals

Everyone plans on paying off their debts, but few actually take proactive steps toward doing so. That’s why you must always set realistic goals – putting a deadline on paying off your debt, perhaps – and come up with particular measures to achieve them. Ideally, you should be able to pay off your entire credit card balance each month. If this sounds difficult, focus on paying off as much as you can and avoid being late with your payments. Otherwise, you might risk jeopardising your credit rating.

 

Don’t Be Afraid to Seek Help

Financial matters can easily become complicated, which can get in the way of achieving your goals. Thankfully, you can turn to debt consultants from 4 Pillars for help. They have sufficient knowledge and skills to guide you on your way to becoming debt-free.