Higher costs and interest rates mean 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 debt 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
Source: Get more free tips and tools at: canada.ca/financial-literacy-month