Sticking to Your New Year's Debt Repayment Resolutions

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

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.

  1. Figure Out What You Owe. Create a list of your outstanding debts and talk to your creditors about a repayment plan.
  2. Set Goals. Know when you want to repay your debt and if you need to improve your cash flow.
  3. Repay Your Debt. Prioritize your payments. Pay off your high interest debt first.
  4. Stick to your Plan. Automatic bill payments are a great way to ensure you don't miss any debt repayments or other bills.
  5. 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.

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About J. Douglas Hoyes

Doug is our co-founder and is a Licensed Insolvency Trustee, Consumer Proposal Administrator, certified Insolvency Counsellor and Chartered Professional Accountant.

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