Step up to your Debt!

by in KD Educational Corp.
Step up to your Debt!
According to Statistics Canada, Canadians now owe nearly $1.78 in credit market debt for every dollar of household disposable income in the third quarter of 2018. The credit market debt includes consumer credit and mortgage and non-mortgage loans. It was previously at $1.69 in the second quarter.

Yes, it is a fact that majority of people have debt. And as household debt keeps rising in this time of increasing interest rates, we really need to take responsibility and step up to our debt. We need to ensure that moving forward, we have less debt, not more.

Here are a few practical ways to make sure you manage your debt wisely and get out of it:
1. Have a Closed Circle: Having a Closed Circle means having a fixed budget that you monitor and update regularly. When you are living in a Closed Circle then all financial increases go to Overflow. When you are not living in a Closed Circle then all financial increases will just expand your circle (increased standard of living).
2. Know your amounts owing to each creditor. You must know the details of your debt: amounts, creditors, interest rates, etc, for you to be able to manage properly and pay off efficiently.
3. Set goals on getting out of debt and put them in writing. Having something tangible like a printed list of your goals in order to get out of debt will help you get motivated to achieve those goals and keep you on track.

Source: https://business.financialpost.com/personal-finance/debt/business-booms-for-insolvency-trustees-amid-higher-canada-rates
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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