Reply To: Debt advice needed

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June 27, 2023 at 12:26 pm #1123484

Definitely go see a financial advisor at your bank. It’s a free appointment.

If you have good credit, you should be able to quality for a consolidation loan; a low-interest, non-revolving line of credit that you can use to pay off the other loans. Or perhaps the expert will have another suggestion.

If you find you’re accumulating debt monthly, sit down and work out a budget, with an expert if need be. Eliminate or trim down your non-essential expenses until you’re living within your means. Look at things like subscription services that suck money monthly without you really noticing (multiple steaming services? Amazon prime?). Find ways to make your essential expenses cheaper (ie groceries – switching stores, making meal plans around sales, no brand names – downgrading your phone plan, switching your internet provider). Cut up your credit cards or just keep one in case of emergency and freeze it in a block of ice in your freezer so you can’t use it on an impulse.

Good luck.