Did you make a New Year's resolution to get out of debt this year? If you want to succeed you need to create a debt repayment plan and stick to it.
Here are some tips to help you succeed with your debt resolutions.
- Figure Out What You Owe. Create a list of your outstanding debts and talk to your creditors about a repayment plan.
- Set Goals. Know when you want to repay your debt and if you need to improve your cash flow.
- Repay Your Debt. Prioritize your payments. Pay off your high interest debt first.
- Stick to your Plan. Automatic bill payments are a great way to ensure you don't miss any debt repayments or other bills.
- Get Help. If you are struggling reach out for debt help. Talk to an expert to see if you need a more formal debt repayment program like bankruptcy or a consumer proposal.