In Focus Commercial Credit
Digging yourself out of debt
As we head into a new year, consumers will find budgeting skills more important than ever
Krista T. Walsh President, KC Collect!
krista@kccollect.com
Does the New Year find you digging yourself out of debt? We are not only tunnelling ourselves out
of a blanket of snow at this time of year, but we are also trying to dig our way out of debt. With the excessive spending that occurred
in December, it is now time to pick up a shovel and burrow a way out.
Get a tow Not everyone can manoeuver out of a snow bank unassisted. Request the assistance of professional credit counselling services. Certified not-for-profit agencies have the
expertise to help you carefully manage your finances when you find yourself under a ‘snow bank’ of debt.
Do not panic Make a New Year’s resolution. This is the best time to sit down and plan your budget for the upcoming year. A written plan is a necessary step in
preparing your finances for the future. A lack of necessary budgeting skills is one of the major reasons that people overspend and eventually become bankrupt.
Control yourself Stick to the bare essentials and think before you make your purchases. Try to keep
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We are not only tunnelling ourselves out of a blanket of snow at this time of year, but we are also trying to dig our way out of debt
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your spending minimal while you weather the storm. Even though you are really trying to dig
yourself out, try always to make more than your minimum payments. You are never going to shovel yourself
out if you opt to only make the smallest payment. CCR
February 2019
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