How Canadians can crush their debt in 2017 with a debt crash diet
TORONTO, ONTARIO, January 3, 2017 – Some Canadians may be feeling really guilty right about now. Why? They’ve dropped a small fortune during their holiday shopping and now they have no idea how to pay it back.
The reality is many consumers are recovering from their holiday purchases and some maybe contemplating the idea of taking advantage of January clearance deals. A new poll by CIBC reveals 28 per cent of Canadians say paying down on their debt is a top financial goal for 2017. And of those who are focused on paying down on their debt, 76 per cent want to slash their credit card and line of credit debts.
“It is encouraging many Canadians want to tackle their mountain of debt in 2017 however it is discouraging most Canadians are not making debt management their top priority for the New Year,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“We see it day in and day out, when debt is left alone it can grow quickly out of hand. Consumers can reverse this trend by making a plan to tackle their debt so they can ultimately live debt free lives,” says Schwartz.
To get 2017 started on the right track, Consolidated Credit Counseling Services of Canada recommends the following to help Canadians slay their debt:
Say no to new debt
There will be a lot of end of year and January sales. Instead of rushing to your closest mall for the best deals or surfing online to your favourite shopping sites – give your charge card a well-deserved break.
Set goals for yourself
Set a goal to slay your holiday debt within the first three months of the New Year. Finding extra money maybe easier said than done, you may have to get a second job, freelance or look to your expenses and cut back.
Track your spending
Create a budget factoring your needs and wants and get ready to make the necessary adjustments. After all is it really necessary to buy your breakfast every morning? Remember everything adds up so take the time you need to prepare your breakfast either the night before or wake up early to make it. Your extra effort will save you more than dollars and cents. It can save you from a mountain of debt.
Cash it out
If you cannot resist the temptation of January clearance sales carry only cash with you when you head to the mall. If you prefer to shop online use PayPal to take cash funds from your bank account. When you shop with cash, you only spend what you have. Once your money is done – your shopping is done.
If your holiday debt grew beyond your level of control, it is time to seek help from a trained credit counsellor. A credit counsellor can help you to get back on track and most importantly get on top of your debt management.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]