HAPPY NEW YEAR!
So, let’s have a chat about New Year’s Resolutions and the keeping or breaking of them. If you’re anything like me, New Year’s Resolutions usually make it to the end of the 2nd week January then to heck with it, life was easier the old way.
We’re not going to chat about weight loss, more exercise, quitting smoking or any of the usual stuff, no, because we’re in this business we’re going to chat about debt and getting rid of the burden of debt. I heard on the radio that the average Canadian household is $28,000.00 in debt (outside of house mortgages) and it would be unrealistic to base this discussion on becoming debt free in 12 months. Not going to happen, unless you happen have $28,000.00 in after tax income floating around in 2014 which would help you pay off your debt entirely.
So, where does that leave us?
If your household debt is in the average category, I don’t believe it is realistic to consider trying to eliminate your debt in anything less than 5 years, so that means not only a monthly payment to the card for a 5 year or less payout, but also making sure that any current charges are paid no later than the due date as stipulated by the credit card company. I’m not going to assume that your debt is in the $28,000.00 range, only you know that, however to start this process you are going to have to find out where you stand today and what you can afford as a monthly payment to pay the debt off. So with that in mind click on the link below for a copy of a budget work sheet and feel free to submit this to us if you are not yet a client of ours for a free consultation.
You now have a couple options, the first one being, ignore the work sheet altogether or you can complete the work sheet and it will tell you what you can afford as a monthly payment instead of continuing to pay interest over 5 years at whatever the interest rate is on your debt. There are many sites you can go to on the internet to calculate monthly payments at the appropriate annual interest charge.
Here’s our offer to you. If you need some assistance with the budget work sheet or would like an opinion or recommendations we are more than happy to help with some suggestions and tips. Just email or fax your work sheet to us and we will get back to you promptly. There is no obligation and no charge for this service.
If you refer a friend or relative to Consumer Credit Counselling and they register with our “debt free program” we will send you a $50.00 gift certificate that you can use anywhere. You don’t have to be an existing client of our firm to take advantage of this offer.
Good luck with the budget and don’t hesitate to contact us by phone, fax or email if you need some assistance.
In the meantime on behalf of the staff at Consumer Credit Counselling, we wish you a happy, healthy and prosperous 2014.