7 Actionable Tips Canadians Can Adopt to Get Out of Debt

A 2019 survey published at Canada.ca shows that nearly 75% of Canadians have some debt they have to pay. This figure shows that nearly every Canadian has to fight debt. There is no telling when a new revolution will come that will overthrow the debt system. Till that day, here are seven tips you can follow to beat your debt without wasting your time.

  1. Work with a Licensed Insolvency Trustee

It’s estimated that people can take around 20 years to get rid of credit card debt! You might have to spend even more years to bust your debt if you have loans like student loans in the past. How can you ensure that you speed up the process and don’t spend the rest of your life juggling with debt?

One of the best options is working with a LIT. You can take a look at websites like debt relief canada to understand the specifics of how a LIT can help you bust your debt in no time.

  1. Get a part-time job

You will need money to get rid of debt. However, the problem is that unless you earn money, getting more money in the form of debt won’t help you. It’s your job to ensure that you find an alternative stream of income.

A great way of making money without having to get another trap of another debt program is finding a part-time job. Getting these jobs has become easier in this age as there are a ton of places where you can find simple part-time jobs.

  1. Benefit from Gig economy

If you don’t have time to go to a part-time job, you don’t have to spend extra hours on your current job to get some cash. A better option for you is to go for the Gig economy and start freelancing. The good thing about freelancing is that you have the freedom to do work whenever you want.

Getting started on freelancing platforms is easy too. All you have to do is to check the specific requirements of getting registered, and you’ll be good to go.

  1. Create a proper budget

Remember that you don’t have to spend it all when you are in debt. If you think you can have a lavish lifestyle and try to beat your debt at the same time, you won’t be able to do so. The only way you can move forward and get rid of debt is by budgeting properly.

Avoid spending your money on things you don’t need. Don’t think that you have to be better than others or it’s a must for you to buy luxury items. Instead, you should be committed to ensuring that you minimize your expenses and get out of the debt trap as soon as you can.

  1. Sell the items you don’t use

We all have items lying around our homes that we no longer want to use. If you also happen to have such items, then you don’t have to keep them in your home. You can sell those items to get some money that you can use to beat your debt.

Most people shy away from selling items they don’t use as they find the process to be tedious. However, contrary to popular belief, you don’t easily sell the products you want by listing your items on online platforms.

  1. Get rid of expensive habits

Who doesn’t dream of driving luxury cars and spending a good time in casinos and hotels? You might have the same dreams, but if you are under any debt, it’s not the right option to live a luxury lifestyle. Remember that you will have to spend a ton of money if you want to stay luxurious.

Instead of comparing yourself to others, you should not think that you have to brag about what you do or how you live. Stay mindful that you have to beat your debt to ensure that you can get ahead in your life.

  1. Keep yourself accountable

Nobody will be there to tell you that you have to free yourself from the financial constraints of debts. If you want to live a positive life free of troubles, you have to cut your expensive habits and remind yourself that you have something important to do – getting rid of the debt.

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