Did the holidays spread your wallet thin for the New Year? You're not alone.
According to Consolidated Credit Counselling Services of Canada, there has been a significant increase in the number of people calling for advice after succumbing to spending fever.
"People often spend during the holidays knowing they're going to have to face [the consequences] come January." said executive director Jeffrey Schwartz.
Proper planning is the best way to tackle imposing debt, according to Schwartz, who offered this advice:
- Give your plastic a rest. Pay cash whenever possible.
- Lay out all your bills and statements and find out exactly how much you owe.
- Create a benchmark budget. Track your income and expenses, put any surplus into paying off your bills.
- Pay off the debt with the highest interest rate first.
- Save a dollar each day and all your pocket change.
- Start fresh: Clean your house and sell items that are losing value or donate them to charity.
- Contact Consolidated Credit Counselling Services of Canada directly at consolidatedcredit.ca
