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The Ultimate Guide To Paying Off Your Debt Fast [2019]

If you’re interested in performing credit repair in Ottawa, odds are your credit score isn’t quite as great as you’d like it to be. If this is the case, have no fear: all over Canada there are hundreds of people in the exact same boat as you.

Credit scores can tank for a number of different reasons. Whether it’s because you’ve been behaving financially irresponsible (can’t we all relate to spending binges and buying things we don’t really need?), or because a natural disaster occurred out of the blue and caused stocks you had invested in to crash, or even because you’ve been an especially unfortunate victim of personal identity theft and your score has been wrecked by an influx of fraudulent purchases, having a poor credit score that necessitates credit repair in Ottawa is going to be a major barrier as you attempt to build, or re-build, a financial life for yourself.

Debt’s Here To Stay

A financial newspaper.

Let’s be frank about it. Debt is simply not going away. It’s the very foundation on which the bedrock of our sophisticated, financial society is built. Not only is it the exact way money is created in the first place, but it’s also the single common denominator between most of the landmark financial purchases that we use to chart the process of our financial lives.

Buying a car, and buying the freedom and liberty that comes with it, is going to require taking on debt. Taking part in third-level education, which owing to the development of Canada as a country is something more and more of us can relate to (which is definitely a good thing, we might add), is going to incur debt as well, often in significant quantities.

There are few among us indeed who can afford to buy a home without going into debt, and sometimes we take loans out even on gadgets like televisions or computers. There are household appliances that come with financing plans too. Suffice it to say debt is everywhere, and much as we may like to pretend it doesn’t exist, it’s a facet of life that is going away anytime soon and as a result we can’t really afford to ignore it.

Where Credit Comes Into It

All debt is going to take place under the umbrella of your credit score. This relatively small little number, which is going to be issued to you by Experian and TransUnion, the major Canadian credit bureaus, is going to follow you wherever you go. If you’ve got a stellar credit score, then congratulations: likely you won’t have to worry about performing credit repair in Ottawa, and you can continue to live your life as it’s been going, given that clearly you’re doing nothing wrong at all.

On the other hand, if you have a poor credit score, you’re going to need to take part in the grand process we refer to as credit repair in Ottawa. And if you have a poor credit score, it’s likely that you haven’t been able to pay back all of your debts in full and on time in the past. After all, that’s the single most heavily weighted factor in the incredibly sophisticated algorithms that are used to calculate our credit scores.

Following the same train of thought, if you have a history of not paying back your loans in full and on time, it stands to reason that those same loans are still there, hanging over your head like an ever-present raincloud, just waiting for the perfect moment to let fly and create a monsoon.

Credit Repair

In the case that you’re in need of help when it comes to performing credit repair in Ottawa, you may find yourself overwhelmed by the amount of advice available on the internet. A single google search turns up hundreds of thousands of results, each of which claim to be the single best way to go about tackling your debt. How are you to choose between them, when so many say they’re the only piece of advice you need to follow? It’s enough to baffle even the most financially savvy among us, those same people who for whatever reason don’t need to perform credit repair in Ottawa.

That’s why we here at OttawaBadCreditCarLoans.ca have decided to put together a comprehensive list of tips and tricks to paying back your loans, fast. Being able to clock up a reasonable pattern of financial responsibility is enough to tip the scales sufficiently in your favour to right the wrong of your credit score, starting from the very next report you receive in the mail.

Unlike all the other articles, however, we’re not going to tell you that this is the last word on performing credit repair in Ottawa and paying back your debt fast. The topic is simply too broad and too varied to be accounted for in a single document, and we wouldn’t be doing you any favours if we pretended otherwise.

What this guide is, however, is a collection of tried and tested techniques you can apply to your own credit repair process in Ottawa, and if you follow the advice listed below you can be sure to reduce your debt to a much more manageable figure, which will in turn be even easier to resolve completely. We’ve done our research and have decided to only present the very best techniques, in the hope that the process of righting the wrong that is your credit score won’t be any more painful than is absolutely necessary.

Without further ado, let’s get into it. Here’s the ultimate guide to paying off your loans, fast, in 2019.

1. Create A List Of All Expenditure

Given that you need to perform credit repair on your score in Ottawa, odds are that your financial life isn’t quite as organized as it may need to be. This isn’t anything to be ashamed of: plenty of us have a hard time ensuring that something as personal and complicated as our own financial situation is taken care of the way it needs to be.

This step is the first in our list because the rest of the techniques relating to credit repair in Ottawa are simply not going to be feasible without a comprehensive list of all your expenditures. We recommend tackling the mountain of information in a stepwise process to reduce the potential for getting overwhelmed by all the figures, obligations, and categories.

First of all, start off by listing all of your big monthly payments. Utilities, cars, electricity, rent—all the major players are going to go into this first section. We recommend focusing on secured loans first, as the penalty for missing out on those is the heaviest of all.

Next, work out how much you spend on living requirements, like toilet paper and groceries. While this can be difficult to estimate, it’s worth spending a lot of time on because it’ll make your life much easier by the time it comes to the later stages of credit repair in Ottawa.

Finally, try and find an average of what you spend day-to-day, on things like gas and hobbies. Again, you don’t need an exact daily figure so much as you need an average, so one way to go about this is working out how much you spend on these items in a week and dividing the figure by seven.

Once you’ve got your list sorted, it’s time to move onto step 2. By the way, congratulations! This is a time-consuming process and if you’ve got it all worked out correctly, well done.

2. Create A Budget

Once you have your list, compare it to your gross income. The only way you’re going to be able to work out how much extra money you have to pay down debt is if you know exactly how much liquid cash you have available per month.

Coming up with a total budget is going to be complicated, but it’s not nearly so bad none you’ve already got a list of everything you’re spending. After that, it’s simple maths which is all that’s required.

3. Come Up With A Structure

A structural building.

We recommend the 50/30/20 rule for structuring your overall spending, month to month. This means that half of your monthly after-tax income should go towards necessities, 30% should go towards what we might term as wants (hobbies, going out for dinner, etc), and the remaining 20% should go towards paying off your debt and savings combined.

If you need to perform credit repair in Ottawa, you probably want to prioritise paying off your debts. While it can be tempting to pour every last cent into those loans, we recommend first of all making an emergency fund of $1000 or so.

It can feel a little idiotic, putting aside $1000 that could be spend paying down on a loan, but trust us: if another disaster happens and you don’t have that slush fund, the chances are you’ll wind up in more debt than ever, and you’ll have to start the process all over.

4. Cut Down On Spending

This is likely to be the most painful of all the steps, as it’s going to require a complete re-thinking of your lifestyle. What you’re used to is simply not good enough—there’s a reason you wound up in this situation in the first place. So something needs to change.

We recommend cutting back on the ‘wants’ section of the budget structure first of all. After all, you can give up that extra bottle of wine a week much easier than you can give up your rent. And once you have your emergency fund in place, any money you save by adjusting your lifestyle is money that can go directly towards paying back your loans.

5. Quit It With The Credit Card

The final step in our ultimate guide to paying off your loans is to stop using your credit card altogether. We know fully well how convenient it is, and if you’ve had one for a while it may seem impossible to go without, but trust us: this is going to make a huge difference to the score you’re currently performing credit repair on in Ottawa.

If possible, swap your credit cards for debit cards. These are much easier to handle, and won’t incur any more debt than you’re already in. After all, it’s impossible to scale a mountain if you keep adding soil to the top of it as you climb. The same principle applies to quitting the usage of your credit card in a major way.

Summary

So there you have it. Five of the very best techniques around that you can start applying today to work towards paying off your debt. If you adhere rigidly to these rules, they’ll serve you well, and you’ll find your score starting to get better almost without realising it.

If you’re having a tough time getting approved for a car loan in Ottawa because of your credit score, get in touch with us here at OttawaBadCreditCarLoans.ca. Not only do we look at every application we receive, we also offer specific services for each of the many reasons you may not have the best credit score.