FLM 2017: How to Find Debt Relief this MonthNov 01, 2017
If you’re struggling with the consumer debt you carry, November, the official Financial Literacy Month (FLM) in Canada, is the perfect time to make debt relief a priority. Here are three things you can do to find relief:
1.) Set debt relief goals
Setting debt relief goals helps provide direction and can keep you motivated. When creating your goals, it’s a good idea to follow the SMART framework. SMART goals are Specific, Measurable, Actionable, Realistic and include a Timeframe. For more tips on creating effective debt relief goals, check out How To Set Debt Relief Goals Tailored To You In 2017.
2.) Learn more about your debt
It’s important to really know your debt. This means understanding how much you actually owe, how long it will take you to repay and how much interest you will pay in the process. A debt calculator is a great tool to help you figure this out.
Understanding all the debt relief options available is also important. From consolidating your debt to filing a consumer proposal, there are many different strategies you can use. Finding the right one depends largely on your circumstances and needs.
If you are not sure which options are available, or which one would be the best step for you, it may make sense to discuss your options with a debt relief professional, such as a Licensed Insolvency Trustee (LIT) or credit counsellor.
3.) Use available resources
Take advantage of debt resources and tools to make reducing your debt easier. Online resources and apps like Mint and Money Lover can be especially helpful when it comes to finding debt relief. To learn more about these online apps and tools, check out 5 Financial Management And Debt Help Apps To Live By.