Currently Browsing: Managing Debt

How this 23-year-old grad tackled $53,349 in student and car loans

How this 23-year-old grad tackled $53,349 in student and car loans
In the fall of 2011, shortly after finishing university, Jordann Brown realized she owed $53,349. “My story isn’t one about spending with abandon or being irresponsible,” says the 23-year-old, who works in marketing and provides content for a mortgage rate comparison website. “I did what every millennial is told to do after high school, and that put me up to my eyeballs in debt.” Ms. Brown’s university experience is likely similar to that of many other students. She studied commerce at Dalhousie Unversity in Halifax. Because her family lives in a small New Brunswick town, she was forced...
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12 Steps to eliminating debt and Saving Money

12 Steps to eliminating debt and Saving Money
    Saving money is one of those tasks that’s so much easier said than done. There’s more to it   than spending less money (although that part alone can be challenging). How much money will you save, where will you put it, and how can you make sure it stays there? Here’s how to set realistic goals, keep your spending in check, and get the most for your money. Steps Kill your debt first – Simply calculating how much you spend each month on your debts will illustrate that eliminating debt is the fastest way to free up money. Once the        money is...
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How to minimize student debt

The federal Financial Consumer Agency of Canada has produced this guide to help students and their parents plan financially to cover the cost of university or college. Paying for post-secondary education Post-secondary education is a major expense, whether you choose to study at a university, a college or learn a specialized trade.  Coming up with the money to pay for school can be a big challenge for both students and parents saving for their children’s future. FOR STUDENTS For the majority of students, personal savings alone will not be enough to cover the cost of a post-secondary education. ...
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Should you tackle your small or large debts first?

When it comes to tackling debt, logic isn’t always at the forefront of our decision-making. According to a new research study, consumers routinely mismanage multiple debts, paying off small debts first even when larger debts have higher interest rates. “People want to wipe the books clean,” says Scott Rick Scott of the University of Michigan. “If there’s something small that can be eliminated that can be tempting, even if the larger debt is more expensive.” Mr. Rick and his colleagues devised a series of studies to track how consumers approach debt in a simulated...
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Make 2012 A Year Of Paying Down Debt

Globe and Mail The year of borrowing dangerously is just about over. Which brings us to 2012, the year of paying down debt. Don’t borrow less next year. Actually cut the amount you owe. Here’s how to do it. If you’re seriously indebted, forgo contributions to registered retirement savings plans and tax-free savings accounts for the next 12 months. Instead, use the money to pay down your credit card bill, your line of credit, your car loan or mortgage. Investing experts will say that only through consistent saving over the years will you accumulate enough money to retire comfortably and reach your...
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