Tips on How to Get out of Debt in Edmonton
Nobody wants to be in debt overload, but if you’re like most people, you probably don’t even know where to start to get yourself out of it. Let A.C. Waring & Associates Inc. be your financial guide to get out of debt in Edmonton and surrounding areas, including Central and Northern Alberta like Grande Prairie and Fort McMurray.
Learn How to Get out of Debt Faster
Here are some basic tips for getting yourself out of debt:
- Always pay more than the bare minimum whenever possible – This can apply to your credit card payments, your student loans, or your car payments. Paying extra on your monthly payments can help you pay off your total balance a lot quicker, as well as save you money in interest payments.
- Learn to save for what you want without spending more than what you actually make – This may sound like common sense, but you’d be surprised how many people are actually spending more than their income. Remember, even millionaires can’t afford to buy everything they want.
- Pay off your biggest debts first and then work on the smaller debts – If your credit card is charging you the most in annual interest, pay it off first. Then focus on the next debt, and so on. You’ll find yourself becoming more encouraged with each debt you successfully pay down.
- Opt for a dependable used car vs. buying a brand-new one – Cars lose their value over time and not having to make a monthly car payment will free up your income to make payments on your other debts.
- Become an Extreme Couponer – Saving money on groceries and basic necessities will allow you to pay more on your debt. Watch for sales at your local store and stock up on non-perishable items. Clip coupons from your local newspaper or print them off online. Every little bit helps!
- Track your spending and look for ways to cut back – You’d be surprised at all the ways you can save money when you actually try!
- Get a second job so you can pay down your debt – There’s no shame in working more than one job to pay off your bills faster. Plenty of people are doing it these days, especially during the holiday season when many employers are looking for additional seasonal help.
- Refinance your mortgage or get a consolidation loan – When you consolidate all of your debts into one loan or one mortgage payment, you may obtain a lower interest rate.
Schedule a Free Consultation with Our Counsellors Today
If you’d like more information on how you can get out of debt in Edmonton and the surrounding areas, call A.C. Waring & Associates Inc. today at 780-424-9944, or at 1-800-463-3328 to schedule a free consultation. We’d be more than happy to help!