Find your financial balance: Tips to manage your debt
Higher costs and interest rates mean that you may need to adjust your budget to find the right balance between daily spending and paying down debt.
- Review your budget to identify where you can cut expenses, so you have more money to pay down your debt
- Pay down your deb with the highest interest rate first to pay less interest
- Avoid taking on more debt in the future by saving for your financial goals
- Consider consolidating high interest debts into a loan with a lower interest rate
If you need to borrow money…
- Borrow responsibly to build a good credit history and know the difference between good and bad debt
- Choose the right product for your needs and circumstances
- Know your rights when borrowing money
Get more free tips and tools at: canada.ca/financial-literacy-month
