A solution to your financial problems could be budget management. Budgeting is balancing your expenses with your income.
This is a process of creating a plan of how you will spend your money. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do and includes an amount for debt repayment.
Advantages of Budget Management:
- Doesn’t negatively affect your credit
- Spend less money servicing debt over time
- You are able to retain your assets (vehicle, home, investments, pensions, etc.).
Disadvantages of Budget Management:
- You may not have sufficient income to cover your living expenses and debt repayment leaving you paying interest only
- Paying down debt doesn’t always mean you stop using your credit and this is where some people find they owe the exact same amount year after year
Are you ready to be debt free?
Debt Relief Canada provides individuals across Canada with solutions to reduce and eliminate debt.
Contact us for a free, no obligation consultation.
Toll Free: 1.855.305.9940