How to Get Started With Debt Consolidation – Some Tips to Keep in Mind

Posted by debtfreebc on December 24th, 2020

Being neck-deep in debt is one of the worst things in the world. It cuts off your freedom and stifles you, making you feel stressed out and anxious all the time. You’re always worried that your creditors will pester you and that can always put you on edge.

One of the ways to get your life back together and re-start your finances is through debt consolidation in Kelowna. It can be an option to get out of debt.

But to get started with debt consolidation in Kelowna, here are a few things that you need to know:

1. Make a list of all your debts

Take a look at all your debts and where they are coming from. List down how much these are, how much your monthly mortgage is, how much the interest rate is, and how long you have left with the term.

Too often, the debt can be overwhelming and that might make you avoid looking at it. Once you have it all listed down, it gives you a different perspective of it and it might help you arrange your finances in a more doable way.

2. Look for balance transfer programs that have a low interest rate

Before considering debt consolidation in Kelowna, you might have other options to power through your debt payments. One of them is through balance transfer programs. With a balance transfer program, you can transfer the remainder of your debts to another lending institution offering lower rates.

You can ask your bank if they have such balance transfer programs or look for other lending institutions with this offer.

3. Make extra efforts to keep your credit score up

Even when you are planning to get debt consolidation, you still need to make sure that you are making extra efforts in keeping your credit score up. You can start by paying your debts on time and if possible, make payments larger than the minimum amount.

4. Start changing your spending habits

Debt consolidation in Kelowna is just a solution but the pattern will just keep on happening if you don’t change your spending habits. You need to make sustainable choices and decisions so that you can improve your finances.

5. Look for a Licensed Insolvency Trustee

Once you have decided to get debt consolidation in Kelowna, the next thing to do is to get the help of a licensed insolvency trustee like Mike Wright & Associates Inc to help you start with the process and ensure that you go over your various options properly.

Getting out of debt starts with knowing how much money you owe and taking extra steps in paying them off faster. You can also look for another source of income to help you pay off your debts.

Shane Taylor is the author of this article. To know more about Debt Consolidation Companies in Kelowna please visit our website: debtfreebc.ca