4 Ways to Pay Down Debt

Stressing out about debt that never seems to end? You can get those finances out of control one step at a time. Here’s some easy ways to get out of debt.

Assess your situation and set goals.
Figure out what your short-term and long-term financial goals are. Once you’ve clearly defined where you are now, and where you want to be, you can move onto the next part.

Create a budget.
Determine what you owe, what your monthly expenditures are and what income you have each month. Then you can determine what is left over to pay down credit cards and other debts.

Curb your spending.
Clearly define where your money has been going, if a lot is going towards entertainment or something of that nature, it’s time to cut back. It may not be as fun, but neither is debt. The faster you get your finances under control, the faster you can start budgeting in other things like that.

Find extra sources of income.
It’s not the route we all want to take, but if your income can’t keep up with your monthly bills and your debt at the same time, it might be time to look at a part-time job. Calgary, Edmonton, and other cities throughout Canada can offer excellent opportunities for part-time employment.

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