Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada
1-416-930-1225

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

Manage your loans and money more efficiently

We control our financial life most of the time. We steer our finance vehicle the way we want to and at the speed we want to. There are unforeseen events like hitting a speed bump or even worst – an accident. There might be a lay-off or a severe illness or many other unfortunate events. This is the time when we face our most difficult situation on the financial road – “Debt Out of Control”. If not handled carefully it can seriously harm not only our financial life but also our personal lives. Fortunately there are ways which would help us to be in that drivers seat and take control again. It requires tough decision making and sticking to the plan. The following steps will help you to get out of debt and be in control again.

  1. Be positive. Say to yourself that you can do it. It is you who has to do it, on one else. So, it is very important to be patient and be positive. You have to focus on the long term goal, and gallop. Trust in yourself, you will be there, sooner, rather than later.
  2. Plan a practical 30 days budget for your expenses. All days included individually. Put everything – including coffee and other minor expenses. List all bills, interest payments, card payments, groceries – all. Add all of them up. Now subtract your monthly income from it. Now you have to keep the book balanced. Try to save 10% of your net family income every month.
  3. Adopt a frugal lifestyle. Search for deals, bargains, coupons and savings. You can save a lot of money if you take the time to shop. There are a lot of price History Web sites, check them out.
  4. Use cash instead of credit cards. Have one major credit card and use it only for emergencies. Keep all your credit card in a place other than your pocket, safe, not for daily use. Do not let the financial institute increases your credit card limit over an amount you can completely pay in few months.
  5. Pay down all you credit card balances below 50% of their credit limit. Then pay off the balance on the credit card beginning with the highest interest rate one. Continue paying off cards and closing the account until you are left with the credit card with the bets terms to suit your needs (i.e., lower rate of interest). Use this as your main card. You need only a number of open accounts to maintain a good credit history.
  6. Reduce your avoidable expenses. Like dining, Cell phone data plan, and other such avoidable expenses.
  7. Check your living expenses. Your housing cost should not be more than 32 percent of your household income, which includes mortgage payments, property tax, Heating, and home insurance. Shop around for lower insurance rates, mortgage rate, and look for cheaper utility plans.
  8. Try to get a permanent job. Few benefits like medical etc. would be nice. Consider going to part time or evening school to improve or get additional skills. they have nothing to do with your debt but would help your credit in long run.
  9. Have your paychecks deposited directly to you bank account.
  10. Make some few extra money. Be it a part-time work or garage sale or renting a room, there are a lot of ways to earn few extra dollars.
  11. Do not borrow money to get out of debt. If in case you have to borrow money then try getting them from a very low interest source.
  12. Check if your creditors will allow you to work out a repayment plan. Many creditors will work with you to help you payback their money without having to using last resorts.
  13. Goto Financial Consumer Agency of Canada, to find out more.

These advices are only a outline to help a person who is seeking solution to a debt problem. Please seek professional help if you are in need for one.

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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