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BDO Oakville

233 Robinson Street
Oakville, Ontario L5J 1G5
Phone (289) 644-2985
Fax: (905) 615-1333

(905) 849-4149

3 Very Good Reasons to Make Debt Relief A Goal This Year

Whether it’s adding more physical activity to your day or committing to a healthier diet, this time of year inspires people to make resolutions and set intentions for the year ahead. Feeling inspired to make a change? Don’t forget your finances — including your consumer debt! Here are some very good reasons why finding debt relief should be on your New Year’s resolution list.

Less debt = less stress

If you’d like to reduce your money worries in 2019, focusing on your debt may be the answer you’re looking for. Recent research shows that, despite the fact that the Canadian economy is performing well, debt continues to be a source of stress for Canadians. In a 2018 survey, three in 10 people with personal debt told us they are feeling overwhelmed by their current debt load. By making a solid plan to reduce your consumer debt, you’ll also reduce any debt-related stress you may be experiencing.

Less debt = better relationships

Dealing with debt not only helps to lower stress, it can also help to strengthen your relationship. A 2018 Manulife survey found that those under 35 with a lot of debt feel that their debt is causing issues in their relationship. Canadian couples in debt also admit that they are not always truthful about their finances, with 20 per cent admitting that their partner doesn’t know how much debt they actually carry.

Consider making a commitment with your partner to focus on debt together this year. You’ll not only improve your relationship with your finances, you’ll likely also improve your relationship with each other.

Less debt = greater ability to focus on other financial priorities

When struggling to manage your debt load, it’s easy to forget about other important financial priorities, such as saving for your retirement or contributing to your emergency savings find. By setting the intention to get your debt under control this year, you may be able to create more financial balance and ensure that your other priorities are not neglected.

How to make a debt relief plan

Convinced that dealing with your debt is an important priority for 2019? You may be wondering where to start. The best approach is to create a debt relief plan detailing the steps you’ll need to follow in order to diminish your debt load.

Start by doing your research. There may be debt options or strategies available, such as debt consolidation, that can make paying down your consumer debt easier, faster and less financially taxing.

The Financial Consumer Agency of Canada is a great online resource when you’re ready to get serious about put a debt relief plan in place. Check out their step-by-step guide to making a plan to be debt-free.

Depending on your circumstances, debt relief professionals, such as a credit counsellor or Licensed Insolvency Trustee (LIT) can also be a great resource. LITs and credit counsellors can help determine which debt relief strategies are right for you and guide you through the process of implementing your plan to reduce your debt load.

Will you be making debt relief a top priority in 2019? #LeaveDebtBehind #NewYearMotivation #DebtSolutions.

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