{"id":1873,"date":"2020-02-09T23:04:10","date_gmt":"2020-02-10T04:04:10","guid":{"rendered":"http:\/\/activeseniorsdigest.ca\/wp_activeseniorsdigest\/?p=1873"},"modified":"2020-02-09T23:04:10","modified_gmt":"2020-02-10T04:04:10","slug":"ask-the-money-lady-tackle-debt-in-the-new-year","status":"publish","type":"post","link":"https:\/\/activeseniorsdigest.ca\/wp_activeseniorsdigest\/?p=1873","title":{"rendered":"Ask the Money Lady: Tackle debt in the new year"},"content":{"rendered":"

Dear Money Lady…<\/em><\/strong><\/p>\n

My New Year\u2019s Resolution is to get my finances in order, but I have a lot of credit card debt and I don\u2019t know what to do to get it under control. Should I declare bankruptcy? I am worried this will make things even worse, any ideas?<\/em>
\nSincerely, <\/em>
\nJulie XXXX (Drowning in Credit Cards)<\/em><\/p>\n

Dear Drowning!<\/strong><\/p>\n

Don\u2019t beat yourself up about this debt, it can be fixed. Declaring bankruptcy should be viewed as a last resort and I would exhaust all other solutions before contemplating this option. Yes, the bankruptcy will ruin your credit, however it is recoverable. Once the bankruptcy has been settled and cleared, it is important to re-establish good credit right away. This could take up to three years to do so but remember to reach for your dreams you must do the incremental steps over time to get there.<\/p>\n

Money is not just for toys and possessions, it provides the means for you to reach your goals and ensures your comfort, dignity, security and independence as you age. Be honest with yourself and be committed to change. Let go of any past indiscretions or setbacks and start new this year. It is a new decade, and a new start to clear your mind towards
\nfinancial freedom.<\/p>\n

If you are entering the year with considerable debt, there are a few other ways to fix this. The easiest method is to consolidate high interest loans into a new mortgage to capture a lower rate and increase monthly cash flow. This consolidation should be viewed as a one-time transaction to put you on the right road to a debt free lifestyle and should never be used as a continuous solution to get you out of future debts. If this is not an option, make a list of all your debts and begin to tackle one liability at a time.<\/p>\n

Pick the one you are going to concentrate on and put as much as you can down on this debt every month, whilst only paying the minimum<\/p>\n

payments on the other loans. Once this debt is paid, then move to the next one, repeating the process of paying down one and maintaining the others with only minimum payments.<\/p>\n

Once all the credit is paid, you can use these newfound funds to start a savings program toward investing. This is when you will stop feeling helpless. Be sure to avoid the tendency to sugar-coat your finances or make excuses to flee from finally resolving your debt this year. It is necessary for you to take action and get out of the victim mentality,
\nfinally creating certainty and options for your future. If this means finding ways to make more income, getting a new job, or cutting back on spending \u2013 then do it!<\/p>\n

It is in the reach of every person to become financially comfortable. Let go of your old habits and create new ones!<\/p>\n

Let\u2019s make this new decade your time to succeed. Dream big. Try new things. Save more. Believe in yourself and most of all, believe you are worth it!<\/p>\n

You\u2019ve got this!<\/p>\n

Good Luck and Best Wishes,
\nThe Money Lady<\/p>\n

Written by Christine Ibbotson, Author of \u201cHow to Retire Debt Free and Wealthy\u201d Chris is a Canadian Financial Planner, Chartered Investment Manager, Insurance Broker, Commercial & Residential Mortgage Broker, Estate Planner and Taxation Expert, with over 25 years in Canadian Banking. Follow her on Facebook & Instagram.<\/em>
\nIf you have a money question, please email on my website at: www.askthemoneylady.ca<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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