DebtCare Canada 25 Sheppard Avenue West Toronto, ON M2N 6S6,(416) 907-2582 <a>debt consolidation Toronto</a>

1. Top 5 Things An Individual Should Do
When Drowned In Debt

2. The worst part about debt is that it fills people with
unease regardless of how much or how little they owe.
Even $5,000 in debt can cause concern, but what
happens when you owe $50,000 or more? You begin to
feel like you don't have control over your life. With these
five steps, you can take back control and gradually work
your way out of debt. Debt consolidation isn't a magic
wand to make debt disappear overnight, but it does allow
you to manage your finances while reducing the total
interest that you will pay.

3. Figure out your income and your expenditures. Before
you start paying off your debt, you have to stop
accumulating debt, and to do that you have to know
exactly how much money you must spend on basic
necessities like food, a mortgage, and other expenses.
Once you add up your basic living expenses, subtract that
amount from your after-tax income. You can spend the
remaining money on extras like going to the movies,
putting it into a savings or investment account, or paying
off your debt.

4. Stop spending money. Most people swimming in debt
aren't making large purchases, but they mistakenly
believe that small purchases won't hurt that much.
Unfortunately, small purchases - a magazine in the
supermarket or a quick meal from the drive-through -
add up. Together, these small purchases can cost
hundreds of dollars every month, but you might not
notice them because they're so small. Once you stop the
financial bleeding, you can focus on debt consolidation
and repayment.

5. Pay off debt sooner rather than later. If you take out a
$100,000, 30-year mortgage at 3.5 percent, your monthly
payment will be $449. If you pay the minimum amount
every month, you will end up paying more than $61,000
in interest alone. If you increase your monthly payment
by just $150, you'll only end up paying about $37,000 in
interest, and you'll pay your mortgage off 11 years faster.
If you have extra money in a savings account, consider
using it to pay off your debt. With that same mortgage, a
$5,000 one-time payment will end up saving $8,000 in
interest. Ironically, spending money can help you get out
of debt faster.

6. Use the debt-snowball method for multiple accounts.
Many people find it useful to prioritize their various
debts. In the debt-snowball method, people with
multiple forms of debt pay off the smallest principals
first. Once those accounts are paid off, they can take the
money they save in monthly payments and put it towards
paying off the next smallest debt. Coincidentally, smaller
forms of debt such as credit cards tend to have
significantly higher interest rates than mortgages, so the
debt-snowball method can actually reduce the total
amount of interest paid.

7. Take out a debt consolidation loan. After you've
completed the other steps to take control of your
financial situation, you can consolidate all of your debts
into one easy to manage, low fixed-rate loan, which can
either be a personal line of credit or a refinanced
mortgage. A debt consolidation loan helps you keep
track of your debts by turning multiple payments into a
single monthly payment, and the low interest rates
ensure that you end up paying less in the long run.

8. Offering debt consolidation programs in
Toronto. For more information contact:
DebtCare Canada 25 Sheppard Avenue West
Toronto, ON M2N 6S6,(416) 907-2582 <a
href="https://plus.google.com/11629780867913
1049194">debt consolidation Toronto</a>
Rose Gallo