FINANCESave6 Strategies To Extinguish Your Debt

6 Strategies To Extinguish Your Debt

Finance, Income, Debt, Tips, Strategies to End Debt - CRACKYL MAGAZINE

By: Michelle Bogle

Debt ruins relationships and destroys futures, and it also has the power to deteriorate a person’s self-esteem and overall health.

Debt is an oppressive burden resting on your shoulders during the day that turns into a weight on your chest as you lie awake at night. It’s like a fire that becomes harder to battle with each gust of wind or swipe of the credit card. Debt ruins relationships and destroys futures, and it also has the power to deteriorate a person’s self-esteem and overall health. It sounds heavy, right? Well, it is. 

Debt is a serious issue that happens to the best of us. Whether it’s car loans, credit cards, medical debt, lines of credit, back taxes, student loans or even unpaid spousal or child support, many Canadians have some type of outstanding financial obligation. 

Are you feeling overwhelmed with debt and want to pay it off but don’t know where to start? These debt payoff strategies can help you to build momentum, reduce your stress and get you onto the path of financial peace so you can live in the free and clear once and for all:

Pay more than the minimum

If you’re in the habit of only paying the minimum payments on your debt, it can take literally a lifetime to eliminate the balance. Always pay as much as you can afford to lower your balances and pay less interest. A financial calculator can help you see just how much you’ll save in the long run. 

Put extra money towards debt

If you have a side gig that you make extra money at, earn a bonus or get a larger than usual tax refund, fight the urge to put that money into your truck or fishing hobby and use it to pay down your debt. These extra payments will make a difference when it comes to accelerating your debt payoff journey.

Stay motivated

Paying off debt is an uphill climb that requires all the enthusiasm you can muster. To stay motivated, aggressively pay off your smallest debts first so you can experience the thrill of progress. Once those are out of the way, use that momentum to pay off your larger debts and watch your balances decrease.

Set smaller goals

Instead of staring $65,000 of debt head-on, break that amount into bite-size chunks. Whether it’s increments of $500 or $5,000, little goals are easier to knock out.

Track your progress

Whether you tally up the numbers or use a visual representation of your debt payoff journey, tracking your progress will keep you focused on your financial goals. You should also celebrate milestones along the way with small rewards, like a dinner out or extra fun money, so you stay motivated to keep going.

Remember your why

Do you get easily swayed by impulse purchases or spend money without a second thought? Instead of chasing the thrill that comes with buying material things, stay focused on your personal goals. You’ll get more satisfaction living debt-free than some tool, gadget or toy could ever give you. 

Like most things in life, the hardest part about paying off debt is just getting started. But, the sooner that you get real about your debt, the faster that you can live a debt-free life. You’ve got nothing to lose and everything to gain by taking hold of your finances and creating a better future for you and your family.

Contests & Promotions

West Broad Contest
Fire Science Nutrition Contest/Promotion
Burn Box promotion/contest