Managing Debt Tips - Consolidated Credit Canada

How To Break Your Spending Habits Once And For All

By Debt.ca on December 7, 2012

Let’s face it, getting out of debt requires a lot of discipline.  And sometimes even the best intentions get waylaid by habits that formed long before you decided to take control of your finances. That’s why a new book called “The Power of Habit”, by Charles Duhigg will be able to help a lot of…

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Frugal Tips: Cut Your Food Budget

By Debt.ca on December 5, 2012

Most people cringe when they hear the word ‘frugal’, as it conjures up images of hoarding ketchup packets and tinfoil trays, and never spending a dime on anything. We’ve written before about frugality in general, and today we’re going to look at some specific ways you can stretch your budget to focus every extra penny…

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Convince Your Spouse To Change – Couples And Money

By Debt.ca on December 3, 2012

One of the most frequent questions we hear about couples and their money is what to do when one spouse wants to make some drastic changes, get out of debt, and start saving for their future, but their spouse isn’t on board. What we’re really talking about is having two opposing goals in your relationship. …

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The Debt Snowball – Proof That It Works!

By Debt.ca on November 26, 2012

We’ve talked before about paying off your debt with the snowball method or if paying off in order of highest interest works better. Now, the Kellogg School of Management has done an actual study to determine which method is more effective. The Study Researchers obtained the data of how 6,000 people paid off their credit…

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How To Overcome Setbacks As You Pay Back Debt

By Debt.ca on November 2, 2012

You’ve committed to paying off debt and have at least started your emergency fund.  You’ve got a plan for paying off your debts: either the high interest method or the snowball method.  If everything goes perfectly, you’ll be out of debt at a measurable point in your future. But then something happens.  It doesn’t just rain – it…

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Does Your Mortgage Count as Debt?

By Debt.ca on October 26, 2012

Sick and tired of credit card debt, lines of credit, collections calls, and generally being out of control with your spending? It’s time to commit to getting on a budget and paying off your debts. Most of the amounts are manageable: $1,500 on the credit card, $4,000 on your line of credit, maybe $300 on…

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Frugality – Your Best Strategy for Becoming Debt Free?

By Debt.ca on October 17, 2012

The idea of frugality as being your best bet for paying off debts is not a new one. Made popular by David Bach, he calls it the “latte factor”, explaining how your quick trip to Starbucks for a $3 coffee every day is actually crippling your chances at a strong financial future. The logic is…

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Debt Repayment – High Interest First or the Snowball Method?

By Debt.ca on October 11, 2012

If you’ve decided to work your way out of debt, just getting organized to understand how much you owe can be challenging. Between different lenders for your student loans, multiple credit cards, a line of credit, car loan, payday loans, and a mortgage, figuring out exactly what your debt number is can be confusing. Even…

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How To Manage Your Emergency Fund

By Debt.ca on October 5, 2012

In a previous article (Build an Emergency Fund and Avoid Borrowing More Money) we discussed how an emergency fund was the first important step to stop debt accumulation in its tracks. If you followed that advice or are lucky enough to have a small amount tucked away that can function as your emergency fund, it’s…

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Say NO to Payday Loans

By Debt.ca on September 26, 2012

Payday loans are seen as a last-resort option for someone who needs a quick bit of cash (in theory a few days before you receive your regular paycheque). Unfortunately, many people fall into a trap of not being able to pay the loan back on time and end up paying exorbitant interest rates. If you…

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