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Eliminate Debt in 5 Easy Steps


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Visit Consolidated Credit Canada today to find out how we can get you debt free, faster. Visit for more info

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Eliminate Debt in 5 Easy Steps

  1. 1. Consolidated Credit Services of Canada
  2. 2.  The process to eliminate debt can seem daunting. With the average Canadian family holding $26,935 in debt, excluding mortgages, the ability to cut your debt load effectively may look downright impossible. But there are steps you can take to pay off debt as quickly as possible or identify when you need some type of debt relief assistance.
  3. 3.  With a little work, you can develop a plan that will allow you to eliminate debt as quickly as possible so you can regain your financial control and avoid bankruptcy.
  4. 4.  The first step you need to take is to determine how much debt you have and how bad the situation has gotten. How many credit cards currently have outstanding balances? What are your interest rates? How many of your debts are in default and by how much?
  5. 5.  These questions will help you start to develop your debt elimination plan. For example, if you don’t have a large number of debts in default and you’ve managed to stay current with your payments, then you may be able to consolidate using a balance transfer to a credit card with low balance transfer APR.
  6. 6.  Your next step should be to evaluate your budget to see if you can pay off debt within your budget. Could you temporarily cut any unnecessary expenses and streamline your budget to maximize your cash flow for a debt reduction strategy?
  7. 7.  This involves making an extra payment on one debt at a time using as much cash flow as you have available. Each debt you eliminate frees up additional money in your budget that can be rolled into reducing your debt load. This allows you to gain momentum so you can eliminate debt quickly.
  8. 8.  If you don’t have the money available to reduce debt within your budget, then you’re going to need an alternate payment strategy. Your next step should be to self- evaluate your credit rating to see if you could qualify for do-it-yourself debt consolidation.
  9. 9.  This is where you either transfer the existing balances on your credit cards to a credit card with no APR on balance transfers or you take out a personal debt consolidation loan for the lowest interest rate possible. If you don’t have good credit, you won’t qualify for these options at the right interest rate to make them effective methods for debt reduction.
  10. 10.  In this case, your fourth step should be to contact a not-for-profit credit counselling agency to discuss options for debt relief with a trained credit counsellor. The credit counsellor may be able to direct you to debt elimination strategies you hadn’t considered yet, or help you enrol in a debt management program that allows you to consolidate debt regardless of your credit score.
  11. 11.  Visit Consolidated Credit Canada today to find out how we can get you debt free, faster. Visit for more info