How Can I Become Debt Free in 2015? - Fast Action Finance - Fast Action Finance
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How Can I Become Debt Free in 2015? – Fast Action Finance

The average household in Canada usually faces thousands of dollars of expenses every month, and some of it might be even paid through credit cards. Adding up car loans, mortgages and other small loans and it’s easy to see how people can bury themselves in huge debts. These will undoubtedly affect one’s credit score, foreclosure of property or drown them in depression.

It’s no wonder then that people are always looking for ways out. Ways to completely pay off the debts and be debt free. And even if they don’t them off completely, people want to reduce them considerably. So in case you are wondering whether you can eliminate all or almost all of your debt, it is possible. The good news is that some of these methods don’t require a lot of effort. So, how can you stay debt free in 2015?

Analyze your financial status

Before you can get started, you need to analyze your current financial situation. How much do you have in credit card debt? Are all your credit cards maxed out? Which credit cards have the highest and lowest interest rates? What about mortgage loans or other loans? How much is your monthly income? Do you have any money in a savings or current account? And if so, how much is it? All these are factors you need to consider when analyzing your financial situation. Once you know where you stand financially, the following are strategies you can consider eliminating your debts.

Debt consolidation


In the context of the financial industry, the term consolidation refers to a combination of two or more liabilities, assets or other items with financial value into one. With this in mind, debt consolidation is a term used to refer to taking out a loan to pay off other loans. Debt consolidation loans often have lower interest rates and offer the convenience of servicing one loan at a time. For instance, if you are paying $1000 in debts every month, you can combine all these to a lower payment of $800 each month by taking out a debt consolidation loan. A title loan would easily allow you to do this.

Coupon savings

Some people will readily agree that this is a damn idea, but if you do the math you realize you can make enough savings to contribute to your monthly loan payments. Coupons are posted both online and in print media. It’s not hard to find coupons of all sorts including groceries. With proper planning, you can easily save on your daily savings. These savings can add up and be used to pay off your debt at the end of the month. Look for coupons every day in newspapers, favorite online websites and if you can, subscribe to newsletters. Your subscription alone makes you eligible to receive coupons with some stores.

Yard sales

Remember those twin chairs you stored in the garage when your twins outgrew them? Or that couch or bed or other furniture that you put away when you remodeled the house? There is a lot of stuff that is no longer used that people tend to keep stored in the garage or basement. Rather than let that stuff sit there, you can always sell in a yard sell and use the proceeds to pay off some of your debt. Tell your neighbors and friends about the upcoming yard sale.

In addition, you can always find a website that functions more or less like a yard sale in your community. Advertising the stuff you are selling on these sites can help increase your sales volume. Even if you make as little as $200, it will still play a significant role in reducing the amount of your debt.

Car title loans

Alright, I know this sounds like you will get into more debt but hear me out. You probably already know that what auto title loans in Toronto are and what it takes to get one. If you own a car that has a clean car, it is fairly simple to get extra cash. Car title loans are easy to get as they have a shorter qualification process. These come in handy where the payment date is fast approaching is fast approaching and you have got no other source of money. Here’s the catch though: do not apply for a car title loan if you do not have a sound plan to pay back the cash because if you default in payment, you are likely to lose your car. Overall, a car title loan can be used for emergency cash if you compare it against other loans with higher interest rates.


This will be the ultimate solution if you have a mortgage loan. Refinancing your home can help you to take advantage of lower interest rates, thus reducing the amount of payment due each month. The savings made on the lower interest rate can be used to pay off other debts.

Folks, remember that once all your debts are paid, it’s important to maintain the determination to remain debt free. Without the determination and a sound plan to stay financially stable, it is more likely than not that you will become ridden with debts again.