Happy New Year!
Now that the holidays are over and we’re back to reality, it’s time to get focused.  If you’re one of the many thousands of Canadians who are struggling with personal debt, then you may have made “becoming debt free” your new years resolution.

Here are a few steps to help you out along the way:


1- Write down your goals

If you continue telling yourself that you’ll get to it, let’s be honest, it will never happen.  Write down your goals on paper so that you have personal deadlines to keep.  As you reduce your debt, check off items so that you can visually see that you’re making progress; the ultimate item being “DEBT FREE”


2- Pay more than the minimum

If you have amassed debt and are only getting by with the minimum payments, you’ll likely be overspending in interest without ever tackling the root of the problem.  Play around with our Credit Card Repayment Calculator to see just how long it will take for you to pay off your debt, and how much you’ll be paying in interest while doing so.

Credit Card Repayment Calculator

3- Don’t spend more than you earn

This may sound pretty basic, but it’s the reason that people fall into debt.  If your weekly paycheck is $500, don’t buy a $600 item using credit with the expectation that you’ll be earning another $500 next week.


4- Build a budget

And stick with this budget!  People often lose track of their spending which causes financial problems when the bills come in.  Set aside allotments for groceries, vehicle, entertainment, living expenses, savings, etc.  You know your financial situation best, so work within your parameters.


5- Cut back on spending

Seems pretty simple, right?  Try switching to no name items, not buying fast food, using public transit as opposed to driving.  All of these small changes will add up and make a big difference.


6- Seek a free consultation from OCCA.  Remember, it’s FREE!

If you can’t seem to get out of debt, we’re here for you.  We’ve been helping Canadians get out of debt for over a decade, and we’re happy to do the same for you.  Call one of our debt specialists to set up a free consultation on how we can help eliminate your debt and get you back to financial freedom!



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