FLM 2017: Tackle Your Debt With These Effective ToolsNov 10, 2017
How well do you know your debt? Are you aware of all the tools that could help you tackle it? As part of Financial Literacy Month this November, we’re encouraging Canadians to get to really know and understand their debt, including the many resources available that will help make finding debt relief a little easier.
Three debt relief tools to add to your toolkit
- Debt calculator
In order to effectively tackle your debt, you need to understand how much you actually owe, how long it will take you to repay this debt and how much interest you will need to pay in the process. Visually seeing your debt can help you realize where your money goes. Luckily, an online debt calculator makes this easy to figure out. Start by creating a list of all the debts that you owe, the interest rates that are attached to these loans and your current monthly payment. Once you have this information recorded, you can then use the debt calculator to determine the estimated length of repayment time, the estimated total amount that will be paid to the lender and the estimated total interest that you will pay.
- Debt options calculator
If you find yourself feeling a little overwhelmed by the amount of debt you owe, it’s time to look for some strategies that can help you tackle it. A debt options calculator is a great tool for comparing various debt relief options, like debt consolidation loans or filing a consumer proposal, in order to find the best one for you. If you have additional questions or would like more information about the various debt relief strategies available to you, debt relief professionals, such as a Licensed Insolvency Trustee or credit counsellor, also represent great resources.
- Financial management apps
Finally, in order to stay on track with your debt relief goals, it’s important to track your spending and avoid unnecessary debt. Online financial management apps, such as Mint and Wally, make this an easy process. Simply use the app to record your purchases as you make them. The app will then keep track of all your spending, as well as your budget and financial goals.