Tips for debt management

• Review your budget carefully to see where you can cut expenses.
• Try to pay off your debts with the highest interest rates first, such as credit card debt.
• Use FCAC’s Credit card payment calculator tool to see how to pay off your credit card debt faster.
• Aim to pay your credit card balance in full every month. If you can’t, always make at least the minimum payment on time to avoid additional fees or rate increases and to make sure your credit rating is not affected.
• If you have high-interest loans, consider consolidating them into a low rate option, such as a line of credit.
• If you are having trouble managing your debt, stop using your credit cards and other credit products until you have reached your debt repayment goal.
• If you are carrying a balance, make your debt payments as early as possible to reduce interest charges—don’t wait until the due date. Check your contract to confirm there are no early payment penalties.

All about debt management

• Debt check-up: Are you at risk if interest rates rise?Look at how an increase in interest rates could affect your debt payments and household budget.

• How to beat that debtLearn how to handle debt and become debt free sooner.

• Know your responsibilities as a joint borrowerKnow your rights and responsibilities when you borrow money with another person.

• Tips for dealing with a debt collectorFind out what you need to know when contacted by a debt collector.

• Your rights and responsibilities—Debt collectionLearn what you should consider when you are looking for help in getting your debt under control.

• Managing debt: Getting help from a credit counselling agencyLearn about credit counselling agencies and the effect on your credit report and score.