With household debts reaching all-time highs, the need to reduce spending and pay down debt is a necessity for Canadians. But how does one do this?
The global economic downturn has made many of us question our spending, and as a result Canadians are beginning to pay down debt faster. Equifax Canada released a promising report on January 10th showing that credit card debt had fallen by 3.4% in 2011. While the report also stated that overall debt was still growing although bankruptcies are down. Yet the average household still carries a great deal of debt and it is time to start addressing this issue.
One way that many Canadians reduce their credit card debt is to seek credit help and get advice from financial experts on how to manage their money better. Rather than risking credit collection companies and potential bankruptcy, it is a good idea to get some solid advice about how to deal with the issue of debt.