Canadians are ramping up debt, here’s how to help yourself

Turns out Canadians are ramping up more debt this year, despite an economic downturn, this all coming out in a new report released this week.

Total debts owed by Canadians jumped 4.9 per cent in June compared to the same month last year, to $1.84 trillion. That’s the fastest pace of debt growth in more than two years, a new report from RBC Economics said Wednesday.

“Despite the weak economic performance in Canada … households continue to ramp up their reliance on borrowing,” Laura Cooper, an economist at RBC, said. — Global News

The word ‘debt’ has such a negative connotation to it, most people probably just feel overwhelmed by the thought of it, to actually think clearly about it. Whether your debt is in the thousands or the hundreds, you always want to start small when paying it off.

Here’s few simple ideas on how to start tackling your debt with smaller things:

• Print out your monthly bank statement, and go over it line by line. Understanding where your money goes each month, will be a big step in the right direction.
• Reduce your memberships: cut out any memberships you don’t need, ex: magazines, the gym you never go to, etc.
• Stop paying for coffee every day: by just brewing your own coffee at home or the office, you’re saving about $5 – $7 a day.
• Stop eating out: even by opting to bring your lunch to work instead of eating out every day, that’s hundreds of dollars in savings a month.

Looking for some more debt-tackling and saving tips? I’ve got some easy tips listed here. And as always, if you’re looking to find out what your debt right now means for your credit rating and homebuying plans, contact me anytime. Alternatively, you can always reach me on Twitter as well.

Tags : credit calgary, debt, debt calgary, debt canada, money calgary, mortgage broker calgary, mortgage calgary, real estate calgary c