The title of today's Brandon's Blog is
Poll Says Canadians Want To Pay Off Debt In 2023: A Step by Step Plan.
The Canadian Imperial Bank of Commerce recently released survey results of a poll it took
and most Canadians say they are aiming to pay off debt in 2023.
Now of course, the survey does not talk about how they are going to do
that because that wasn't the point of the survey.
And although it is a very laudable goal to want to pay off debt,
most people need help in understanding how exactly they can do that.
So this Brandon's Blog is about the survey results and then Brandon provides a step
by step plan on how anyone can approach paying off their debt.
My name is Ira Smith,
President of Ira Smith Trustee & Receiver Inc.
Both Brandon Smith and myself are available to answer any questions you
may have, either about this Brandon's Blog or anything else at all.
So shoot us a message, give us a phone call.
We would love to speak with you.
I hope you can watch until the end of this
video because I know you will get value from it.
So Brandon starts off by giving
an overview of the survey and then gets into the specific findings of the survey.
The issue today is that Canadians want
to pay off their debt, but they are also afraid of an upcoming
recession this year and they're not quite sure exactly what to do.
So Brandon has put together in the blog below a step by step plan on how anyone
could approach paying off or down their debt.
The first step he discusses is
MAKING A BUDGET.
In order to effectively manage your debts,
you must have a complete understanding of your current situation.
Your debts, your income, your expenses, your assets.
Brandon talks about consider
CONSOLIDATING YOUR DEBTS.
Do you have available to you a credit
vehicle loan at a lower interest rate sufficient for you to be able to use
that lower rate loan to pay off all your higher rate debts?
PAY MORE THAN THE MINIMUM is Brandon's third suggestion.
You will never pay down your debt if you
are only making the minimum monthly payments.
You have to look within your budget to see
what can be massaged and juggled and adjusted in order to allow you to save
more and therefore be able to pay more than the minimum amount.
Look into deals on BALANCE TRANSFER CREDIT CARDS.
Many of them offer 0% interest for a certain time period.
If you transfer the balance from another card.
Now, you're going from a very high interest rate to 0%.
But you have to be able to pay off that transferred amount within the 0%
timeline or else you go back up to a very high interest rate.
With all that information, create a plan specific to you and your budget.
The next piece of advice is BE PATIENT.
Eliminating debt takes time.
It does not happen overnight.
You did not accumulate all the debt
overnight, so it is not possible to pay it off overnight.
And if all that doesn't work,
SEEK PROFESSIONAL HELP, either from a nonprofit community
credit counselling agency, or even have a no cost consultation
with a licensed insolvency trustee who will look over your information
and advise you on the various options that are available to you,
even if there is no insolvency proceeding involved.
So I hope you can read the entire
Brandon's Blog below, because I know you will get value from it.
Again, both Brandon Smith and myself are available to answer any questions you may
have either about this Brandon's Blog or anything else at all.
So shoot us a message, give us a phone call.
We would love to speak with you.