HOW TO BEAT THAT DEBT

How can you beat that debt after losing control of your finances? Here are things you can do to help your situation;

1. Keep track of your spending and make a budget.
If you start keeping track of what you spend so that you can see exactly where your money is going each month. This is one of the smartest things you can do to get control of your finances. Creating a budget and learning to stick to it will help you free up money to reduce your debt.

2. Put needs before wants.
Buy what you need first, and eliminate unnecessary expenses and decide what you can live without.

3. Don’t go into more debt. Keep your credit card in your wallet.
Use cash, or your debit card and live within your means in order to avoid going into more debt. This way, you’ll be spending money you already have.

4. Avoid “buy now, pay later” offers.
These offers typically have administration fees tied to them, and higher interest rates if you don't pay on time which will only add to your existing debt load.

5. Reduce small, recurring expenses.
Saving a little every day can go a long way. Good examples of ways you can save on costs include making coffee at home and not buying it out, and bringing your lunch to work instead of buying it.

6. Reduce your banking fees.
Use ABMs (automated banking machines) from your own financial institution and avoid other ABMs as they will have additional feed to use them. It’s always a good idea to review your banking package every now and then to make sure that it is still the best one for you.

7. Pay down your highest interest rate debts first.
If you carry a balance on your credit card, then this is likely the deby with the highest interest rate. Stick to using cash or your debit card while you pay off this debt to avoid accumulating more. While you’re focusing on paying off your credit card debt don't forget to make the minimum payments on other debts with lower interest rates. If you set aside the main part of your income towards bringing the balance down on your most expensive debt, you’ll be surprised at how much you can save.

8. Contact your creditors.
As soon as you realize that you may be having trouble making ends meet, call your creditors and explain the situation. In most cases, they will work out a modified payment plan that will make it easier for you to pay off your debt.

9. Get a consolidation loan with your financial institution.
This means apply for one single loan to pay off all your existing debts so that you just have one payment to make. For this new loan to save you money, it must have a lower interest rate and a lower monthly payment than all the other loans put together. It is also important to stop using credit cards with balances that you consolidated into the new loan.

10. Talk to trusted financial professionals.
These may include your bank representative, a financial planner, or a reputable credit counselling agency. With a professional's help you will be able to evaluate your current debt situation, determine your present and future needs, make a budget and find ways to pay down your debt.

For more information regarding how to beat that debt, visit the official FCAC website.

Derek Weatherhead

Contact Information

E-mail Address:

[email protected]

Office Phone:

2508601100

Cell Phone:

2508643325

About
Derek Weatherhead is a highly accomplished real estate professional with over a decade of experience in the stunning Okanagan Valley. As a Royal LePage Kelowna agent, Derek has successfully concluded transactions in all price ranges and property types, from small starter homes to luxurious lakefront estates. In fact, he's helped numerous clients achieve their real estate goals, from selling a stunning lakefront property in Kelowna, to helping a first-time buyers secure their dream home in Lake Country. Derek's primary goal is to provide his clients with a superlative real estate experience that incorporates guidance and education. He prioritizes regular communication with his clients to ensure that they are informed and empowered throughout the buying or selling process. As a skilled negotiator and problem-solver, Derek works tirelessly to ensure that his clients get the best possible outcome for their real estate transactions. Derek's success is built on a strong foundation of carpentry and construction experience. He started his career and love for real estate as a carpenter, working in his uncle's manufacturing shop, and progressed to finishing carpentry, framing and constructing home foundations in Sun Peaks, Calgary, and Vernon. Next, he followed through with completing his apprenticeship and achieving a journeyman status with Sawchuk Developments, a leading commercial construction contractor based in Kelowna. Since 2010, Derek has been devoted to studying the intricacies of real estate, becoming both a student and a teacher. He has gained a deeper understanding of the complexities of real estate, including residential, commercial, and industrial properties, which allows him to offer a broad range of services to his clients. In his free time, Derek enjoys exploring the beautiful lakes that can be found all over the Okanagan Valley, which gives him unique insights into different neighbourhoods and communities. He's also an avid golfer and enjoys hitting the slopes at Big White. But these hobbies are more than just leisure activities – they allow him to build relationships with clients and understand their needs and goals on a personal level. Derek is committed to partnering with and investing in Okanagan real estate. He believes in building a vast network of clients, friends, and business associates, all with a shared focus on real estate. If you're looking for a dedicated and experienced real estate agent in the Okanagan Valley, Derek looks forward to connecting with you and answering any questions you may have.