FLM 2017: 5 Useful Online Tools to Help You Find Debt ReliefNov 08, 2017
Financial Literacy Month is a great opportunity for Canadians to take stock of their debt. How much consumer debt do you have? Do you have a debt relief plan or debt repayment strategy?
If answering these questions seems overwhelming, it might be time to get to know your debt — and your finances — a bit better. Here are a few online tools that can help:
- Own Up to Your Debt Worksheet – This tool from personal finance writer Gail Vaz-Oxlade might be a real eye opener for some Canadians. The task is to make a list of how much you owe, to whom you owe it and how much interest you’re paying. Simply making this list may be the motivation you need to step up your debt repayment efforts.
- Debt Calculator – This online debt calculator makes it easy to determine the length of repayment time, the total amount paid to your lender and the total interest you will need to pay. You can adjust the outcome by increasing or decreasing your monthly payments.
- Debt Repayment Options Calculator – Plug the amount you owe into this calculator and you’ll be better able to determine which debt relief method makes the most sense for you.
- Budget Worksheet – A budget is an essential tool for managing your money, avoiding debt and achieving your financial goals. Once you’ve created a budget that works for you, remember to review it regularly as your circumstances change.
- Financial management apps – If you’re not a fan of budget spreadsheets, one of these budget apps can help you stay on top of your finances, avoid unnecessary debt and even stick to your goals for debt relief.