Personal Debt Repayment Strategy: 8 Tips for Paying Down Debt


Listed below are 8 tips to assist individuals in reducing their debt. With many Canadians looking for ways to counter rising prices it is advantageous to take steps now to address debt to reduce payments later.

There is no quick fix to getting out of debt.  Solving your debt dilemma requires commitment and patience.

The following 8 tips will help you reduce debt and take control of your finances:

1. Take control now – evaluate your financial records to determine your income and expenses.
2. Create a budget – based on your income and expenses, establish a plan that allows you to allocate money for all of your categories of spending. Try to eliminate any unnecessary costs.
3. Pay off your credit cards – paying down credit card debt will give you flexibility and allow you to free up cash for other items.
4. Reduce the number of credit cards you have – consider having only a few credit cards and make sure they have the lowest rate available.
5. Don’t take on additional debt – work toward paying down what you currently owe before adding any new debt. Avoid any unnecessary purchases.
6. Contact your creditors – speak directly to the companies to which you owe money. They may be willing to set up a payment schedule that will enable you to reduce monthly payments.
7. Ask credit counselors – assistance is available for little or no cost through government programs or credit counseling services, which will work with you to develop a long-term plan to pay off debt.
8. Stay vigilant – once you’ve reduced or paid off your balances, remember to guard against incurring debt again. If you lack self-discipline, consider phasing out credit cards and using debit cards or cash instead.

Do you have a personal debt strategy that you use?  If so, comment and tell us about it….

Need Help? Canada Revenue Agency letter campaign


Canada’s tax system is based on self-assessment, which means that individuals are responsible for accurately completing and filing their tax returns on time. The Canada Revenue Agency (CRA) provides Canadians with the information they need to meet their income tax obligations.

See link below for link to CRA website:

If you have received one of these letters from the CRA and you need assistance we can help.

Contact us to setup an appointment: or Call 613-884-0208



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