Debt free: a highly attractive yet increasingly unattainable lifestyle for the average Canadian. No matter how you slice it, consumer debt has become a major problem for many individuals, and whether as a result of job loss, divorce, student debt, or just overzealous spending, many now find themselves trying to dig themselves out of a fair-sized financial hole that often seems more like a bottomless pit.

Ok, wait. We are not just going to saddle you with negatives and not offer some useful advice. We are, after all, here to help. So, with that in mind, here is a realistic list of tips to help you get back on the road to financial freedom.

1. Make a monthly budget. We absolutely cannot stress this enough. It is the best, really the only, place to start when it comes to ways to get out of debt. Once you realize how much you take in each month, and compare it to how much you spend, you will actually have a better idea where your money is going, and how you can decrease certain amounts. And be realistic – don’t attempt to cut out all spending – no one can do that.
2. Stick to that budget. Become a savvy shopper and curb needless spending whenever and wherever possible. Look for sales whenever possible and take advantage of money saving incentives.
3. Stop paying just the minimum payments. Take any money saved thanks to your new budget and put it all on those debts. Since most minimum payments on credit cards are interest, making the minimum payment really is making the minimum payment. Give as much as you can to those creditors.
4. Work on those high interest credit cards. When you are overwhelmed with credit card debt and trying to decide which debts to eliminate first, always take a look at interest. If one card is 15% interest and another is 25%, think about how much money you are contributing to the principal and how much is just empty interest.
5. Seek out some debt help. Once you have tried to implement the above changes, but feel as though you are still left in a precarious financial position, it might be time to seek some professional assistance. An organization that can offer you various options to get out of debt might be your best solution.

Stop struggling and start swimming above water. It can often seem impossible to get out of debt if you are drowning, so start with these 5 tips and see just how far diligence can take you.

For more tips or for help getting out of debt please contact DebtCare today by calling 1-888-890-0888.