FLM2017 11 Great Resources That Will Help You Pay Off DebtNov 02, 2017
Did you know that the average consumer debt in Canada is over $22,000?
Getting out of debt is a challenge facing many Canadians, and unfortunately, there really isn’t a quick-fix solution. But the good news is there are definitely steps you can take and resources you can use that will help you with reducing your debt.
In keeping with Financial Literacy Month (FLM), we’ve put together two lists for you to help you get relief from your debt.
6 online resources to help with debt
- Start by taking a financial health test to get a handle on the current state of your finances.
- Make sure you have a budget. The Financial Consumer Agency of Canada (FCAC) website has budgeting resources and tools to help you with yours.
- Keep track of your spending — check out 10 Best Apps for Your Budget from everythingzoomer.com.
- Have a conversation about money and debt with someone you trust
- Cut costs. Nerdwallet’s online calculator can help you find ways to save.
- Don’t hesitate to speak with a debt professional for advice about debt relief options including debt consolidation, consumer proposals or bankruptcy.
5 personal finance blogs that can definitely help you with your debt
- Personal finance expert Gail-Vaz Oxlade offers common-sense advice on dealing with your debt on her website gailvazoxlade.com.
- Simply Frugal is a treasure trove of tips, coupons and money-saving strategies.
- Jordann Brown is a personal finance blogger living the frugal life in Halifax. Read about how she paid off $38,000 in student debt and how she’s keeping her post-debt finances on track on my-alternate-life.com.
- Dealing with debt is just one of the many topics covered on personal finance expert Jessica Moorhouse’s Mo’ Money Podcast.
- Golden Girl Finance offers personal finance content specifically for women.
Bookmark these websites and visit them often when you need inspiration to stick to your debt relief goals. But don’t get discouraged if you don’t pay down debt as quickly as some of these personal finance bloggers. Each person’s financial circumstances are unique. As long as you’re taking positive action to get out of debt you’re headed in the right direction!