Consolidating debt a good idea
One of the smartest strategies for getting out of debt is to make minimum payments on all of your debts and credit cards except for one.
Chose the one debt that is charging you the most interest and focus all of your extra payments on paying off that one first.
If there is any chance that transit might work for you, this option alone is often 80% cheaper than owning and operating a vehicle.
To save some money to pay off your debt faster, try stocking up on groceries when they are on sale, or go one step further and stockpile when they are on sale and then skip one grocery shop every month and live off of the food you stockpiled.
The money you save can help you get out of debt much faster.
Go to your local library and look in the has always recommended choosing a reliable car with good fuel economy, and then they suggest you keep it for 15 years.
If you want to pay off your balance quickly, pay as much extra as you can afford. Try using a financial calculator to see how much you can save like this!
Most of us have wishes and wants that are bigger than our paycheques.
Continue this method as you pay down each of your debts, and you will be left with your least expensive debt to pay down last.
Parking your car for a while, drop the insurance down to pleasure use only, and see if taking transit, walking, cycling or car pooling works for you.
If you do decide to sell your second car, even the odd taxi trip or rental car won’t amount to nearly as much as you would pay keeping your second vehicle permanently.
A lot of people tell us that they would love to pay down their debt or completely get rid of it altogether, but they aren’t quite sure of the best way to do it or where to get started.
There really isn’t any one “best way” that works perfectly for everyone.