Debt Reduction Strategies

4 ways to bring your debt down.

  1. Debt Help
  2. Paying Off Debt – Debt Solutions & Money Management Strategies
  3. The 4 Cornerstones of Debt Reduction Strategies & Budgeting

The 4 Cornerstones of Debt Reduction Strategies & Budgeting

Many people wonder what the best debt reduction strategies and secrets are to get out of debt. While it’s usually easier to spend money than it is to pay off debt, here are the four cornerstones of tried and true debt reduction tips that will make things easier.

Credit Card Debt Reduction

1. Credit Card Debt Reduction

Savings, The Last Frontier

When wanting to reduce their debts, the last thing most people think about is saving money. However, once you’ve stopped using your credit cards, how will you pay for an expense you forgot to budget for? If you have gone as far as getting a debt consolidation loan, then budgeting for those forgotten items is even more important. Otherwise, you’ll end up doubling your debt rather than paying it off. If you really want to reduce your debt or begin a credit card debt reduction plan, start off by making extra payments (even small ones). Be sure not to use your credit card or line of credit until it’s paid off. You may also wish to set some money aside to pay for things that just come up. Get started now with our Rapid Debt Reduction Calculatorspeak to one of our Counsellors or chat with us online right now.

2. Debt Reduction Advice

What’s Old Is New

Before credit cards became available in the 60’s, how did people pay for things? They worked hard, saved and planned their spending based on what they could afford to buy with cash. The best piece of debt reduction advice is to get back to basics. You know what it feels like to be in debt, so don’t knock something you haven’t tried. The old budget has stood the test of time for a reason – people know it works. 


plan and save money
Avoid Following the Crowd

3. Debt Solutions

Avoid Following the Crowd

Your parents were right – just because everyone is jumping off the bridge, doesn’t mean you have to. Okay, so the bridge is a slight exaggeration, but the river of debt and denial below isn’t. Canadians are spending way more money than they make and have come to believe that debt is normal. Too many people just ‘charge it’. Just because everyone is doing it, that doesn’t mean it’s a good idea. One of the biggest debt solutions is to just not follow the crowd. Instead, decide what is good for you and your family and stick to it. Financial decision making shouldn’t be a popularity contest.

4. Free Debt Counseling Service

Break a Bad Habit with a Good Habit

The main reason why so many people struggle with their budget is that it isn’t realistic. Either they forget to include things that they know they’re going to spend money on, or they set their budget based on limitations and deprivation by excluding things they really want to spend money on. Be realistic! You need to allow for some of the things that you really want to spend money on. If you spend $100 a week on eating out, before you cut $100 a week out of your budget, learn to cook, buy groceries, organize snacks and plan what else you’ll do when everyone you usually eat out with still heads to the restaurant. Leave $50 a week in your budget to start with, until you’re ready to cut all $100 out. We are creatures of habit, so take it easy on yourself and learn how to replace one habit with another. If you need help with this give our free debt counseling service a try and we will help you build a budget that works for you.

learn to cook, buy groceries
Non-Profit Debt Reduction and Consulting

Non-Profit Debt Reduction and Consulting

In Conclusion

The great news is that there’s no perfect way to make a budget or get out of debt. Perfect is much too high of a standard and causes most people a lot of stress. Getting started and making good choices most of the time is all that it takes. Set as little as $10 a week aside and pretty soon you’ll have $40 more than you had a month ago. You’ve got nothing to lose, so try these 4 cornerstones out and you’ll see! Let us know how you did, we are a non-profit debt reduction and consulting company, and we would love to hear from you!

Contact Us For More Information About Debt Reduction

Short recap of the top 4 debt relief strategies

Here again are the 4 cornerstones of debt reduction to follow:

  1. Re-think saving. You need it to balance your budget.
  2. Get back to the basics of budgeting. You can’t avoid debt without it.
  3. Bad debt isn’t normal. Learn to use cash rather than relying on credit.
  4. Spending is based on habits, and bad habits are worth breaking.

Financial goals might be the furthest thing from your mind right now, so use these 4 cornerstones to get back in control and get more of what you want financially. You’ll be prepared to weather the worst with a plan for the best!

You can try getting started now by calling us at 1-888-527-8999emailing us, or chatting with us online.

Related Topic: We’ve also created an in-depth article on How to Reduce Your Debt – Power Tips, Ways, & Methods

Find out how to get back on track

Get the help you need. Find the right option that will work for your specific set of circumstances. Feel free to give us a call or chat with us online. We’re here to help.

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