Do Not Get Spooked by Debt

Date posted: Oct. 28, 2016
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Debt can be a scary subject. With Halloween just around the corner, it’s time to tackle it head on with these practical tips & tricks:

Make Debt Vanish Faster

Instead of managing several small high interest loans, many Canadians take out a Debt Consolidation Loan to house all of their debt. Debt Consolidation Loans are typically available at lower interest rates than small loans, and they may help individuals get out of debt faster by simplifying the payment process into one monthly payment.

For individuals with bad credit, getting approved for a Debt Consolidation Loan can be challenging as many banks make it harder for people with bad credit to qualify. That’s why Easyfinancial offers debt consolidation assistance to Canadians when they need it the most – recognizing that’s often when the cards are stacked against them.

Cut Down on Visits to Regular Haunts

When looking to prevent further debt, focus on finding ways to cut back on daily expenditures. Ask yourself: how often do I buy a morning coffee? Do I go out for lunch, or take the bus home when I could walk?

Take charge of personal finances by keeping an expense journal. Start by writing down every purchase made throughout a day (even the smallest items), then total up these expenses at the end of the week. Was that extra cup of coffee or tea really worth it? How about that cola? 9 times out of 10 these purchases will not seem worthwhile in retrospect.

Keep in mind - saving money doesn’t need to be all doom and gloom. Use this as an opportunity to try out new inventive recipes at home. By planning ahead, delicious homemade lunches can be enjoyed throughout the week instead of take out food. Finally, choose to walk instead of taking the bus – this will provide the opportunity to fit in some free exercise while exploring the city.

Exorcise Caution with Payday Loans

A payday loan may seem like a good way to get fast cash, however the true cost can be haunting.  For a $500 payday loan, the average repayment cost comes to $103.95 over 14 days.1

Consider applying for a personal loan instead. Easyfinancial personal loans are available at a lower interest rate than payday loans, and they have a repayment average of only $9 for a $500 loan2. A personal loan will still provide the fast cash needed to cover bills and unexpected expenses without high payday loan interest rates.

Forget Those Skeletons in the Closet

When dealing with debt, it’s easy to get caught up in financial mistakes of the past. Leave those skeletons behind. By keeping a positive outlook and following through responsibly on payments, debt will stop knocking at the door.

 

(1 )Based on the maximum total cost of borrowing under applicable provincial payday loan legislation (2) Easyfinancial Services offers unsecured short-term personal loans and is not a payday loan operator. The total cost of borrowing calculation is based on a $500 loan, over a 9-month term using a bi-weekly payment schedule. Calculation does not include loan production insurance or applicable taxes. Calculation is based on the assumption that the loan is paid off within 14 days of borrowing, 46.96% APR/365 days x $500 = $9.00

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