Information on consolidating credit card loans


Once you have established an emergency fund and are saving for irregular expenses, you may want to consider suspending extra payments to Canada Savings Bonds or other savings accounts until you have paid off what you owe.This is especially beneficial for those who aren’t saving for something specific like vehicle repairs.This will save you money and help you pay down all of your debts faster.Another method a lot of people like to use to get out debt is to pay off small credit card balances first.If you'd like a lot more ideas of ways to save on expenses, we offer tons of ideas on our educational website, My Money



Sorry to say, but getting out of debt requires taking those credit cards out of your wallet so you’re not tempted to use them.After paying debts that are on fixed monthly payments (mortgages, vehicle, and term loans), make the minimum payments required on your credit cards with the lowest interest rates and maximize your payments on the credit cards with the highest interest rates.Once a debt is paid, use this extra money to pay down the credit card with next highest interest rate.Not only will this ensure you are living within your means (and not above your income, which is where credit card debt comes from), but it will also give you a set timeline on when you can expect to get debt free. We’ve created an interactive, budget calculator spreadsheet that will guide you through the process and make the idea of budgeting way less painful.

This will help you stay within your budget and maximize your ability to pay down your debts.

Some people are motivated by numbers and some are motivated by feeling that they accomplished something and seeing that they are actually making progress. Go with the method that you think will work best for the way you tick.



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