It's a fact, many Canadians are deeply in debt!
Not just mortgage debt either, but consumer debt like credit cards, car loans, payday loans, and lines of credit. According to The Globe And Mail, non-mortgage debt will rise to its highest level ever by the end of 2014 coming in at $28,853 per person.
If you're in debt, I hope you're working hard to get out of it as fast as you can. It isn't always possible because of unfortunate circumstances, but it really isn't a place you want to be for long either.
Once debt rises to a high enough level, it becomes crippling and the interest payments make it almost impossible to make any progress on the principle amount owed. Some people will recommend cutting your expenses to the bone, others will suggest a second job, while still others will say to pay yourself first.
These are all good suggestions, but I think the best place to start is cutting and juggling your interest rates as much as possible so you immediately have more cash flow to pay down your debts much faster.
First - A Warning
Some of the methods I'm going to speak about here can make it seem like you all of a sudden have extra money and breathing room, which can prompt some individuals to increase spending and run up even more debt. That's exactly what you want to avoid!
If you don't have the discipline to handle more available credit, then many of these strategies are not for you. You might be better served by that second job or cutting up all your plastic and trying a debt snowball.
How To Reduce Your Debt Interest Rates