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We have to take action now. So grab that stack of credit card bills off the kitchen counter, take a seat and a deep breath , and dig in. So put them away, lock them up, or do it Canadian-style and freeze them in ice! And no cheating—put down that blow dryer! If positive reinforcement can work on kids and pets, it can work for you as well! Already graduated but having trouble paying off your student loan? According to the Government of Canada , you may be able to revise your terms with your lender, changing the amount you pay per month or changing the length of time you have to repay it.

You might qualify for a student loan Repayment Assistance Plan where you can receive student loan forgiveness for a portion of your loan. You can also consider a debt consolidation loan, though there are several disadvantages you should be aware of, such as higher interest rates and paying more interest over time. It can provide help getting out of debt by rolling all your other unsecured debts into one lower monthly payment , which can make the student loan payment much more affordable and manageable.

Now this is where things start to get real: determining how much money you have available in your budget to start paying down your debt. Creating and implementing a monthly budget allows you to clearly see how much money you have coming in versus how much is going out. Armed with this information, you can start to look at expenses you can cut out completely, or at least cut corners on. Download our free Expense Tracker and Budget Planner tools to get started!

Need some thought-starters to start making cuts? These ideas can also be very beneficial when considering how to become debt free on a low income. Got old hunting and fishing gear in the garage?

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Turn them into cash with one of these 5 popular Canadian eCommerce sites. This may seem like a no-brainer, but many people are addicted to name-brand goods as much as they are to their credit cards. But want to know a secret? Most store brand products are the exact same as their name-brand counterparts, just different packaging. Apply this rationale to clothing and save even more! We know, you love your truck. But do you need to take it everywhere?

Kenneth Copeland How To Get Out of Debt Supernaturally .

Consider public transit to go to work or school, and take advantage of warmer days to bike or walk. Can you do without a few extra gigabytes of data? Canada is known for its cold weather, and air sealing attics and basements can save you hundreds of dollars per year in heating costs and keep you warmer. - America's Debt Help Organization

Could you do some of those exercises at home instead? Maybe a YouTube video could be just as helpful.

And are you really reading those magazines, or are you just catching up on the latest news and gossip on your phone anyway? Get rid of any unnecessary subscriptions and memberships to boost your monthly savings. Consider a part-time job; as an additional bonus, and depending on the company you work for, you could get discounts on food, clothing, or other essentials to help defray your everyday expenses.

There are typically three ways to reduce debt and pay it off on your own:.

Make the most of every dollar

With the snowball method , you pay off the debt with the smallest balance first, regardless of the interest rate, while still making minimum payments on all your other debts and credit cards. Once that balance is paid off in full, you move onto the next smallest debt, and so on. Having these quick wins upfront can help you stay motivated to continue to pay off your other debts. With the avalanche method , you focus on paying the debt or credit card with the highest interest rate first, while again maintaining your minimum monthly payments on all your other debts and credit cards.

Both the snowball and avalanche methods have their merits and supporters. It really comes down to your own personal finances, and to an extent, your personality. One important thing to remember when choosing either one of these approaches is to make additional payments whenever you can. Despite what credit card companies may have you believe, you can make more than one payment each month.

So if you come into some money, put it towards the card. You could save yourself hundreds of dollars in interest costs. Debt consolidation is the process of combining your debts into one manageable payment. Of course, there are a number of different ways to do this. For example, you can consolidate your debt with a home equity loan, a line of credit, credit card balance transfers, or debt consolidation loans.

Unfortunately, these methods of debt consolidation can ultimately put you further into debt because they require a lot of discipline, while others may not be an option due to poor credit or low income. A Debt Consolidation Program is another option to help you reduce your debt. A Debt Consolidation Program is a customized plan and straightforward process to a stress-free, debt-free life.

It involves combining all of your unsecured debt, such as credit card debt and payday loans, into one lower monthly payment. Other benefits of a Debt Consolidation Program include the interest on your debt is stopped completely or significantly reduced, and you will no longer receive collection calls. You will also receive free, one-on-one counselling with a certified Credit Counsellor who will support you along your journey to becoming debt-free, giving you budgeting advice specific to you and your needs.

With most Debt Consolidation Programs, you can be out of debt within years! Ever wonder how other people manage to live debt free? You may be surprised to know that it often has very little to do with their income or fixed income investments and a lot to do with their everyday spending habits and approach to money. Wondering what is fixed income? Check this out from Savvy New Canadians. Some of the wealthiest people—including business people and celebrities—have at one time or another declared bankruptcy.

So here are some traits and habits that debt-free people tend to have in common, regardless of their financial status. Debt free individuals scrutinize every loonie, keeping track of everything they earn and spend in order to be more responsible with their money. Many use an expense tracker to make this process easier, collecting receipts physical and virtual and reviewing them either daily, weekly, or monthly. Well, people who are debt free live by that motto. Being practical is actually a confidence booster for people living debt free.

In most cases, they space out their purchases, giving themselves enough time to save up and avoid racking up a mountain of debt all at once. Debt-free people live within their means. They spend less than they earn so they can maintain a savings account and an emergency fund. To do this, they often make sacrifices, but they pride themselves on their ability to set a budget and stick to certain boundaries. Try ordering your groceries online and then picking them up curbside at the store. Are you serious? Do you spend a ton at craft stores but never get around to starting your project?

Home improvement stores can also cost you several Benjamins in one visit. Put a spending freeze on your entertainment costs for a little while. This means no going out to the movies, concerts, mini-golf, bowling or whatever you do for fun that costs money. Instead, challenge yourself to find free ways to stay entertained. Take the kids to the park, go for a walk or a hike, enjoy a free concert, or look for a free event in your community.

How to get out of debt in 7 steps

Starting your own business has never been easier! Do you have a knack for making things? Sell your products online! Are you an animal lover? Take up dog walking or pet sitting. Do you have a good eye and a nice camera? Start taking on clients for photo sessions. Not into starting your own business? Then consider becoming a driver for Lyft or Uber.

1. Get Your Finances in Order

A pizza delivery job at night could also bring in extra money. You can even deliver other types of food in your spare time by working for places like uberEATS or Grubhub.

When you pay with cash, you actually feel your money leaving your hands. Nobody likes that. People tend to spend less when paying in cold, hard cash. With the envelope system , you'll see that cash going down so you can keep track of how much you're spending.