{"id":10452,"date":"2021-09-24T09:30:31","date_gmt":"2021-09-24T16:30:31","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=10452"},"modified":"2024-05-31T04:20:45","modified_gmt":"2024-05-31T11:20:45","slug":"is-debt-free-your-top-financial-priority","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/is-debt-free-your-top-financial-priority\/","title":{"rendered":"Is Being Debt-Free Your Top Financial Priority? It (Almost Always) Should Be"},"content":{"rendered":"<p>When being debt-free seems like a goal far into the future or nearly out of reach it\u2019s easy to get lulled into recurring financial habits and resigned to the monthly practice of making long term debt payments. As Licensed Insolvency Trustees every day we connect with people who are looking for professional insights and advice into how they can better manage their debts and move forward with a financial fresh start. While we work with British Columbians facing many different personal circumstances, from our experience it is virtually always in a consumers best interest to make getting out of debt a top goal.<\/p>\n<p>Read on to learn more about why prioritizing a debt management plan is important for both financial benefits and for our overall personal wellbeing, and some expert tips on how you can get out of debt faster.<\/p>\n<h2><strong>4 Reasons to Get Out of Debt Now<\/strong><\/h2>\n<p>Whether you need inspiration for action, or motivation to keep going \u2013 here are some key reasons why focusing on addressing debt should be a high-priority goal for almost everyone:<\/p>\n<ol>\n<li>\n<h3><strong>Debt is Expensive <\/strong><\/h3>\n<\/li>\n<\/ol>\n<p>Any time you carry a balance on credit there\u2019s going to be a cost, and when you factor in interest charges, financing fees and more, debt can become outright unaffordable (especially in the long-term).<\/p>\n<p>What\u2019s more, when you owe money it can feel as though your creditors are in charge of your financial wellbeing since you can be impacted by interest rate hikes, policy changes, or even have your rates bumped-up if you miss a payment.<\/p>\n<p>Debt gets particularly expensive if you\u2019re carrying balances from:<\/p>\n<ul>\n<li>Credit cards\n<ul>\n<li>Be especially aware of the added expense of using cash advances and\/or enrolling in balance protection insurance.<\/li>\n<\/ul>\n<\/li>\n<li>Payday loans\n<ul>\n<li>A 2-week payday loan can equate an annual percentage (interest) rate of almost 400%!<\/li>\n<\/ul>\n<\/li>\n<li>Canada Revenue Agency debt\n<ul>\n<li>Daily compounding interest plus penalties can add up fast on things like outstanding tax debt.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/having-government-debts-forgiven\/\">Learn About Solutions to Deal with Government Debt<\/a><\/p>\n<ol start=\"2\">\n<li>\n<h3><strong>Maximize your Income<\/strong><\/h3>\n<\/li>\n<\/ol>\n<p>Borrowing means taking money away from your future self, and carrying debt prevents you making the most of your income. Think of all the different uses you could have for your money that is unfortunately going to pay even a few hundred dollars\u2019 credit card balance each month.<\/p>\n<p>Unpaid balances (especially on credit cards) can lead to everything from tight budgets to seriously strained challenges in meeting costs of living, and the claim on your future earnings might stop you from moving towards other goals that would require that cash commitment (like investing in retraining or education or saving for a home or retirement).<\/p>\n<ol start=\"3\">\n<li>\n<h3><strong>Improve your Credit Score <\/strong><\/h3>\n<\/li>\n<\/ol>\n<p>Although many debt experts caution that your credit score shouldn\u2019t be your major focus, if you have a future financial goal such as getting a mortgage in the next few years, it is worth noting the benefit of being debt-free as it relates to your medium-term financial plans.<\/p>\n<p>Clearing your debt can make it easier to borrow for important things you want \u2013 and can enable you to do so at \u201cbest\u201d interest rates and terms. Being debt-free helps by:<\/p>\n<ul>\n<li>Freeing up your \u2018credit utilization\u2019 ratio (essentially the proportion of your credit limit you are regularly using \u2013 lower is better).<\/li>\n<li>Giving you the time and ability to boost savings.\n<ul>\n<li>Although savings aren\u2019t reflected in your credit score, having sizable savings can certainly improve a lender\u2019s consideration when you apply for credit.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Remember, your credit history is regularly updated and scores are simply calculations at a moment in time that can change dramatically in a relatively short period. Credit scoring is not an exact science nor reliable as a measure of financial health \u2013 and sometimes what can lower your score temporarily is a beneficial strategy in the long term.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/your-credit-rating-is-wrong-indicator-of-financial-health\/\">Why are Credit Ratings the Wrong Indicator of Financial Health? Learn More<\/a><\/p>\n<ol start=\"4\">\n<li>\n<h3><strong>Stop Debt-Stress<\/strong><\/h3>\n<\/li>\n<\/ol>\n<p>Whether you\u2019ve experienced a cash-crunch moment or regularly have finances on your mind, being in debt can create a near-constant undertow of anxiety and\/or worry; money matters can impact us tremendously, financially, emotionally, even physically. Getting to debt-free can help us to:<\/p>\n<ul>\n<li>Stop constantly thinking about debt, improving peace of mind and even our overall health and relationships with others.<\/li>\n<li>Allow us space to enjoy and get more of the things we want (whether to do or to have), without accompanying guilt.<\/li>\n<li>End debt-stress and the mental nag of monthly payments.<\/li>\n<\/ul>\n<h2><strong>When <em>Isn\u2019t <\/em>Paying Off Debt a Priority?<\/strong><\/h2>\n<p>There are of course exceptions to every rule, and there may be a (very) few instances where a person would want to continue making their debt payments but focus some of their extra cash into other areas, even temporarily.<\/p>\n<p>This strategy may be the case in scenarios such as where:<\/p>\n<ul>\n<li>Your debt is essentially down to just your mortgage and you need to focus on retirement funds.<\/li>\n<li>Where the interest rate on your debt is very low and you have no emergency savings.<\/li>\n<\/ul>\n<h3><strong>Save Money or Pay Down Debt?<\/strong><\/h3>\n<p>Having savings is important \u2013 and at minimum we recommend consumers should generally aim to at least have a modest emergency fund set aside. Without even a small cushion of savings many people end up relying on credit to cover unexpected costs that inevitably come up.<\/p>\n<ul>\n<li>Start small &#8211; if you can &#8211; even having $1,000 in savings can make a difference in a cash-crunch (car repair, dental emergency, unexpected day off work, etc).<\/li>\n<\/ul>\n<p>Unfortunately, having a surplus cash-flow that allows you to even temporarily set money aside to accumulate savings can be almost (if not completely) out of reach for some people. If you\u2019re in a situation where your debt payments are leaving you straining to meet your costs of living, or unlikely to pay off your debt in the next 5 years, <a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">seek a Licensed Insolvency Trustee to get some debt advice<\/a> and learn about your options for debt management.<\/p>\n<p>For example: If you can afford to repay part of your debt, a <a href=\"https:\/\/www.sands-trustee.com\/faq\/consumer-proposal-bc\/\">Consumer Proposal<\/a> can be a great way to substantially cut your monthly debt payments, freeing up room in your budget for savings and more.<\/p>\n<p>Try the \u201cRule of 60\u201d math:<\/p>\n<ul>\n<li>Divide your total\u00a0<em>non-mortgage <\/em>debts by 60 \u2013 does the number look like a monthly payment you could consistently afford to pay so that you can have all your debt paid off in 5 years?<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/debt-options-calculator\/\">Compare the Monthly Payments of 4 Common Debt Options<\/a><\/p>\n<h2><strong>A Common Debt Payment Trap to Avoid<\/strong><\/h2>\n<p>Many people end up essentially trapped in a debt cycle of borrowing, paying, then re-borrowing.<\/p>\n<p>It may not be obvious, but sometimes simply keeping up with your debt payments won\u2019t be enough to successfully pay off debt or keep a debt problem at bay. One common area of concern we often see people stalled in is \u201cthe minimum payment trap\u201d.<\/p>\n<ul>\n<li>Getting comfortable with making just your minimum monthly payments, especially on credit card debt, is risky and many people can get stuck in decades-long debt repayment cycles, not really making meaningful progress towards being debt-free.<\/li>\n<li>Your minimum payments on a credit card could be contributing very little per month to reducing your debt load, with the rest of your payment going to (ongoing) interest charges and fees.\n<ul>\n<li>Be aware that new interest charges can easily outpace your payments and even push balances past your credit limit \u2013 from there finances can unravel quickly.<\/li>\n<li>Check your credit card statement to see how long it would take you to pay off your balance only making minimum monthly payments.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><em>Over 3 in 5 Sands &amp; Associates clients surveyed said \u201coverwhelming stress\u201d was how they eventually knew their debts were a problem. \u201cOnly making minimum payments\u201d and \u201cAccumulating more debt\u201d were two other top-reported signs of a debt problem. \u2013 <\/em><a href=\"https:\/\/www.sands-trustee.com\/blog\/new-study-highlights-impact-of-debt-problems-on-mental-health-relationships\/\"><em>2020 BC Consumer Debt Study<\/em><\/a><\/p>\n<h2><strong>Strategies and Solutions to Get Out of Debt<\/strong><\/h2>\n<p>If you have an income-to-debt ratio that is favourable (ie. higher income with lower debt levels), you may consider one of these first two payment strategies to help you pay down your debt:<\/p>\n<ul>\n<li><strong>Focus on Highest Interest Debts First &#8211; <\/strong>The idea with this strategy is to save money by reducing interest charges where possible.\n<ul>\n<li>List all your debts, with the <em>highest interest debt at the top<\/em>.<\/li>\n<li>Make all your monthly payment requirements across all your accounts but focus extra money you\u2019ve identified in your budget towards the debt at the top of your list.<\/li>\n<li>Once it\u2019s paid off, move your extra payments on to the next one.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Focus on Smallest Balance Debts First &#8211; <\/strong>If you do well being motivated with adding up all the small victories, this might be a different debt strategy to consider.\n<ul>\n<li>List all your debts, with the <em>smallest balances at the top<\/em>.<\/li>\n<li>Again, make all your payments but focus extra funds on the smallest balance debt first.<\/li>\n<li>Once it\u2019s paid off, keep the ball rolling\u2026<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>For those who want or need to take a more proactive approach to debt management &#8211; <strong>consider consolidating with a Consumer Proposal so you can<\/strong>:<\/p>\n<ul>\n<li>Consolidate virtually all types of debt <em>without borrowing<\/em><\/li>\n<li>Save money by cutting debt by up to 50-80%<\/li>\n<li>Get breathing room from creditors and protect your assets and income<\/li>\n<li>Simplify your finances AND generally have the lowest monthly payments possible<\/li>\n<li>Have a definite date of being \u201cdebt-free\u201d<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/much-debt-will-consumer-proposal-eliminate\/\">How Much Debt Will a Consumer Proposal Eliminate? Learn More<\/a><\/p>\n<p>As debt management professionals we are all too aware that unfortunately some strategies and actions can end up creating additional challenges, and often simply drag out the overall stress of the situation.<\/p>\n<p>Many people pursue various debt strategies on their own such as:<\/p>\n<ul>\n<li>Borrowing from friends or family<\/li>\n<li>Applying to extend credit limits or get consolidation loans<\/li>\n<li>Using assets to pay down debt<\/li>\n<\/ul>\n<p>It\u2019s important for Canadians to know there is no cost to connect with a Licensed Insolvency Trustee for a confidential debt consultation so you can make an informed choice about how to deal with your debt.<\/p>\n<ul>\n<li>We can help you regardless of your credit score, and consultations to talk about your situation, answer all your questions, and assess your options are always free. We\u2019re here to help you find your best solution to get on track, meet your goals and become debt-free for good.<\/li>\n<li>Sands &amp; Associates can even work with you over the phone or via video conference, so you can get support from a qualified professional without leaving the comfort of home.<\/li>\n<\/ul>\n<p>Whether you\u2019re facing a difficult situation with your debt, want to explore options to cut debt, or pay off your debt with a guided debt-free plan \u2013 <a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">connect with a Licensed Insolvency Trustee<\/a> to have a confidential debt consultation and get unbiased professional advice about all your options.<\/p>\n<p><strong>Got an hour? It could take less time than to get a debt-free plan that changes your life. Connect with a caring Sands &amp; Associates debt expert today \u2013 <\/strong><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><strong>book your free, non-judgmental debt consultation<\/strong><\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When being debt-free seems like a goal far into the future or nearly out of reach it\u2019s easy to get lulled into recurring financial habits and resigned to the monthly practice of making long term debt payments. As Licensed Insolvency Trustees every day we connect with people who are looking for professional insights and advice [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":10453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[263],"tags":[38,39,44,37,49,53,117,100,242,43,70,204,35,54],"class_list":["post-10452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-debt-advice","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-credit","tag-credit-card-debt","tag-credit-counselling","tag-credit-score","tag-debt-advice","tag-debt-consolidation","tag-financial-stress","tag-licensed-insolvency-trustee","tag-sands-associates","tag-savings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should Getting Out of Debt Be a Priority? | Sands &amp; Assoc.<\/title>\n<meta name=\"description\" content=\"Learn why consumers should (almost) always focus on making debt-free a top financial goal and get tips on debt management strategies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sands-trustee.com\/blog\/is-debt-free-your-top-financial-priority\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Being Debt-Free Your Top Financial Priority? 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