Start the New Year by getting get out of debt

(NC) – If you’re starting the New Year with a pile of unpaid bills and you don’t have the money to pay them off, you may have a problem with debt. Ask yourself the following questions. Depending on your answers, you may need help managing your money and a good solid plan to get you started on the right financial track.

• Do you frequently pay your bills after their due date?
• Do you advance money from one credit card to pay off another one?
• Do you ask to borrow money from friends or family to pay your bills?
• Have you had your utilities cut off?
• Have you thought about getting a second job just to pay the bills?

Does any of that sound like you? If you answered yes to any of these questions, you may need to change the way you spend your money.

Consider these three tips from Industry Canada’s Office of Consumer Affairs for a head start on financial freedom:

• Set a limit for your spending and stick with it. Industry Canada has links to some great online budgeting tools such as Take Charge of Your Debts at www.ic.gc.ca/debt.
• Get some credit counselling. Many community organizations offer counselling and debt management advice for free while private companies charge a fee.
• Think outside the box. Have you thought about selling major items you own and no longer need? Have you consolidated your debts? Have you contacted your creditors to ask about lowering your interest rate?

You can start the New Year off on a positive note by making a plan to get out of debt. Check out the Canadian Consumer Handbook at www.consumerhandbook.ca and Take Charge of Your Debts at www.ic.gc.ca/debt for more tips.

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