Dealing with Debt
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  1. Dealing With Debt
  2. The First Step in Paying Off Debt When You’re Struggling

The First Step in Paying Off Debt When You’re Struggling

The First Step for Paying Off Debt – First of all, no one likes being in debt.  No matter what you do, the thought of what you owe and the feeling of the burden you carry is always there, weighing you down.Sign that lets people know they can find out how to pay off their debts here.

But like any challenge, there is a way out, as long as you are willing to try.  And there’s lots of help available if you need it.

The First Step for Paying Off Debt

The first step in paying off debt is simple – know what you owe.  For a lot of people, once they start to get behind, they stop looking at their bills, hoping if they don’t look at them, they can pretend it doesn’t exist.  Well, it does, and the more they ignore it, the worse it gets.

Start by collecting all your bills and writing out what you owe to who, and how much. Include the minimum payments and interest rates as well, and total up what is due and when.  This may be an uncomfortable exercise, but the longer you delay, the worse it will get.

Once you know what and who you owe, as much as it might not feel that way, you are on the path to becoming debt free.  From this point forward, you can make decisions, like can I manage my debts? What do I have to do to pay them back? What do I have to give up to make my payments?

The Hardest Question to Ask About My Debt

The hardest question is do I need help paying off my debt? It is difficult for anyone to admit they need to get debt help, but the sooner you ask for help, the more options you’ll have along with more ways to pay off credit card debt.

One of the first things that comes to mind for most people when they start looking for ways to pay off credit cards fast is to get a debt consolidation loan. Getting a loan to pay off debt sounds like a good idea and the best way to pay off credit card debt quickly, but this only seems to work out okay for less than a quarter of people who take out consolidation loans. The problem is that the loan don’t solve someone’s underlying money problems, and people who get these loans just end up re-accumulate credit card debt while they pay down their consolidation loan.

How to Get Debt Help

It doesn’t have to be this way. There are several non-profits that exist just to help people who are struggling with their debts get relief from creditors, pay their debt back, and become debt free.  It takes work, but the reward of never having to carry that burden around again is worth it.

In Canada, non-profit Credit Counsellors are professionally trained and accredited. You can meet with a Counsellor either in person or over the phone. They will help you create a realistic budget, review your entire financial situation, explore all your options to get out of debt, and then help you create a plan to pay off debt and get your finances back on track. There help is typically free, always non-judgmental, and completely confidential. Give us a call today and make an appointment to speak with one of our knowledgeable Credit Counsellors. You literally have nothing to lose by talking to one – except your debt.

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Worried about debt?

Get help to overcome it.

The sooner you start dealing with your debt, the sooner you see an improvement in your credit report If you need some help getting started with a plan, or if you’re not sure if your budget is realistic, contact a non-profit credit counsellor for free, confidential help. Typically, the earlier you contact us, the more options you’ll have.

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