Canadians: You Are Still Drowning in Debt

Toronto ON – Every day we continue to read about the rising price of gas and the high cost of food. There doesn't seem to be any relief in sight. According to Statistics Canada in their report released earlier this month, the consumer price index rose 3.3 per cent and energy costs are up 17.1 per cent for the 12 months ending April 2011. These increases are unprecedented and the debt-to-income level still has not been reduced; still at a staggering 147 per cent. Although interest rates are currently low that will change and Canadians need to pay down their debts in order to survive in this economy.

"Canadians need to get a grip on their spending and focus their attention on paying down their debts," says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada, Inc. "Once interest rates start rising people having financial difficulty today will be unable to afford the basic necessities of food and shelter, and driving a car will be considered a luxury."

If you are drowning under a sea of debt and having trouble paying your bills Consolidated Credit offers these suggestions to help keep you afloat:

1. Set a goal reflecting when you want to be finically independent and debt free. Go after that goal mercilessly until you reach it!

2. Determine what you need as opposed to what you want. You need food and shelter; you want to add to your wardrobe.

3. Live within your means; put together a budget listing your income, and fixed, flexible and discretionary expenses to make sure you are bringing in more than you are spending.

4. Pay off your high interest credit card debt first and focus on renegotiating interest rates with your other creditors. More of your payments will go towards the principle and save you money over the life of the debt.

5. Leave your car at home to save money on gas and use public transportation to get around the city. You are saving money and reducing the wear and tear on your vehicle.

6. Make saving money a priority; your emergency fund should equal three months of expenses and it''s never too early to save for a healthy financial future.

For more everyday money-saving strategies Consolidated Credit has free pdf versions of these booklets:

Rebuild Your Credit
Save Money, Save Energy
Shop Smart and Save
Planning Your Golden Years
Budgeting Made Easy

About:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

Consolidated Credit's unbiased debt-counselling service offers alternatives to help people get their debts under control. Alongside assisting with consolidating payments, Consolidated Credit experts focus on education and understanding. Strategies include teaching basic but vital concepts such as how to budget, understanding credit and how to manage money.

Consolidated Credit also offers a free web-based budget and debt analysis tool and a plethora of website resources for people interested in learning more about debt and credit on their own, including tips on smart spending, buying a car, taking out a student loan and a survival guide for holiday spending. Its online learning centre offers free personal finance education booklets, financial calculators, resources, tips and suggestions. Also offered is a free iPhone and iPod application, "Budget Tool", which can be used to manage expenses on-the-go.

Stay Connected With Consolidated Credit Counseling Services, Inc. of Canada
Visit us on www.consolidatedcredit.ca
Call us toll-free on the phone at 1.800.656.4079 for a FREE debt consultation!
Follow us on Twitter
Like us on Facebook
Add us on YouTube

Canadians: You Are Still Drowning in Debt

Timely money saving tips to keep you afloat