If credit card debt is piling up, Jason Heath, an advice-only certified financial planner with Objective Financial Partners, suggests talking to a non-profit credit counsellor or consolidating it into a single loan.
The first order of business on the path to being debt free is taking stock of how much you owe, said Stacy Yanchuk Oleksy, CEO of Money Mentors.
Oftentimes, money becomes a feeling — “I feel stressed about it,” or “I feel hopeful about it,” blurring the real picture and actual numbers, she said.
“Take a deep breath, understand that it’s just debt, there are solutions available.”
Picking the right approach to paying down debt, and deciding whether to tackle it yourself or enlist the help of a professional, all depends on what aligns best with your life, Oleksy said.
For DIY-ers, go-to methods include the “snowball” and “avalanche” approaches.
Snowballing starts with listing the amount of all loans from smallest to biggest, and paying off the smallest in the queue first while keeping up with minimum payments on the rest of the loans.
この記事は Toronto Star の July 22, 2024 版に掲載されています。
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この記事は Toronto Star の July 22, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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