Managing your money

6 tips for reducing debt

Debt is one of the biggest financial buzzwords to hit the headlines. But don’t fret: There are ways to cut it down. Consider these six options.

Are you struggling to pay your bills each month? You’re not alone. According to a recent report from Statistics Canada, Canadians owe $1.78 for every dollar they make. That includes credit-card debt, mortgages and other loans.

So, what can we do to dig our way out of this debt hole? Here are six small steps you can take towards ultimately becoming debt-free:

1. Consolidate your debt

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