Here are some good ways to cut your costs by spending less on debt.
- Pay off high-interest debt first, or get a lower interest rate. If you have debt on a high-interest credit card, transfer it to a card with a lower rate. Another solution is to apply for a line of credit or loan at your bank and put all your debts together into one lower interest debt.
- Think about using your home as backing to get a loan. You’ll get a lower interest rate.
- Reduce your monthly bank charges. Pick one with low or no account fees. To find the right banking package for you, use the Financial Consumer Agency of Canada’s Cost of Banking Guide.
See also …
How can I lower my housing costs?
How can I cut my grocery bill?
How can I spend less to get around?
How can I pay less for health care?
How can I reduce my extra spending?
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.
