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BDO BelleVille

310-100 Bell Boulevard
Belleville, Ontario
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Phone: (613) 966-8052

How To Finally Find Debt Relief in 2019

Is debt relief your main goal for 2019? You’re certainly not the only one! With debt continuing to be a source of stress for many Canadians, paying down consumer debt is a popular resolution and focus for the year ahead.

The thing is, actually getting rid of your debt load isn’t as simple as just resolving to deal with it. Where do you start and what should you do to make sure you stick to your debt relief resolutions? We can help you out with that. Here’s a step-by-step game plan for dealing with your consumer debt in 2019.

Step one: congratulate yourself

Before diving in to the process, take a moment to give yourself a well-deserved pat on the back. Instead of ignoring the consumer debt you carry, you’ve made the decision to face your debt load head on. You’ve also made an important commitment to your financial health and well-being. You’re willing to make the changes that are necessary in order to find debt relief and get back on financial track. Great job!

Step two: focus on your “wins”

Take the time to do a quick review of the financial “wins” you’re most proud of in 2018. Were you able to create a budget that works and stick to it? Were you able to find ways to increase your income? Were there any debts you were able to repay?

Focusing on your wins will help to pinpoint what works well for you. These successes will also
help to guide your plan for diminishing your debt this year.

Step three: get to really know your debt

Begin by making a list of all the debts that you carry. Then, using a debt calculator, determine how much time each debt will take to repay and how much you will pay in interest.
Once you have determined all your sources of debt and the length of time and amount of interest you’ll pay, reorder your list so that higher priority debts (think credit card debt with a high interest rate) appear at the top.

Step four: create a debt relief plan

Essentially, a debt relief plan includes the steps needed to pay down your debt quickly and efficiently. Within your plan, you may include certain strategies, such as debt consolidation, that will help you to achieve your debt relief goals.

Keep in mind that your financial situation and needs are unique and your debt relief plan should reflect this. To tailor a plan that’s right for you, check out online resources available through the Financial Consumer Agency of Canada. You may also want to seek the professional advice of a Licensed Insolvency Trustee or credit counsellor in order to create a plan that works for you.

Step five: check in with your plan

It’s important to check in from time to time to make sure you’re still on track with your debt relief goals. Take time on a weekly or monthly basis to sit down and review your finances. Is
your plan is still working for you? If not, make the necessary tweaks so you can keep progressing towards your goals. If it is working, take a moment and celebrate your progress!

What are your debt relief goals for 2019? How will you make them happen? Join the conversation and share your thoughts using the hashtags #LeaveDebtBehind #NewYearResolution #DebtSolutions.

 



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