Debt Consolidation Vancouver

Julia here. Surfing the net this week (FOR FREE!) I came across an interesting article published in the Globe and Mail.

The article was entitled, “Five Common Mistakes When Paying Off Debt.”

Being that I had a massive debt problem just under a year ago, I thought I should probably read up on what the paper’s expert had to offer; You know, just in case I could share it with you guys. After reading the article though, it occurred to me that every tip offered I had heard before. Don’t get me wrong! It was great advice, but it was like they had interviewed my debt counselor at Full Circle and stolen all of his wisdom.

Whatever the case, I thought I would pass on his pearls to my readership.

1. Work with a repayment plan

-This is exactly what Full Circle provides. Your personal credit counselor will devise a plan that works for your current income. If that rate changes, they can readjust the numbers to suit your needs. The focus of payment should always be on the debt with the largest interest rate.

2. Don’t Pay More Than You Have To

-Lose the balance protection insurance on all your credit cards. This is a scam! The article also puts forth a disturbing example of how paying the minimum payment hardly affects your overall balance. In most cases it only just covers your interest. Full Circle’s advice: When you have the funds, pay as much off on your high interest debt as you can.

3. Create a Spending Plan

-This is a where you can pinpoint just how and what you are spending your money on. It’s great for cutting needless expenditures. The Globe suggests using a site to create your plan. They endorse MoneyStrands. See how it works for you.

4. Don’t Shred Your Cards When You Finally Pay Them Off

-Credit cards do have their perks. Rental insurance, extended warranties and lost or damaged items are just a few reasons to hold on to your plastic. Ironically, they could end up saving YOU money.

5. Don’t Go Down That Road Alone

-This is exactly the service that Full Circle provides.