Skip To Content

Create a roadmap to pay down debt

Sometimes exploring the possibilities is about creating a plan to pay down debt, so you can get on the path to reaching your financial goals. Talking to a lending specialist can help you review your options, and create a clear and actionable plan, so you can have confidence that you’re on the right track to managing your debt.

Take inventory of your debts

In order for your lending specialist to provide advice to help you create a successful plan, they need to know
your financial starting point. Before your meeting, start by listing:

  • All lending products you’re borrowing from, including credit cards, loans, and lines of credit

  • Other debts such as in-store financing, insurance payments, payday loans, or CRA payments

  • Your borrowing balance for each debt type


Why this matters: You have a clearer understanding of your finances and goals and have identified questions to ask your lending specialist.
 

Seek advice from an expert

Meeting with a lending specialist is all about mapping out a plan to success. After reviewing your financial situation, ask your lending specialist questions like:

  • How are these debts affecting my credit score?

  • In total, how much interest am I paying on all of my debts, and how much of these payments go to the principal?

  • Can you explain all the terms and conditions that come with these lending products?

  • How can I build my savings and pay down debt at the same time?


Why this matters: You have a better understanding of how your debts are affecting your financial situation.
 

Explore your options

Once you have a complete picture of where you are today, your lending specialist can help you find a solution. They may offer a variety of advice, including:

  • Consolidating debt with a line of credit, equity link line, or loan so you can make one payment each month at a lower interest rate

  • Paying high-interest debts first to save money on interest charges

  • Setting up preauthorized debits to build your savings

  • Keeping a single low-interest credit card


Why this matters: You've created a manageable plan and have your end goal in sight.


Ready to meet with a lending specialist?

 

 

Related articles

Borrowing, Budgeting

5 tips for paying down credit card debt

Read More
woman entrepreneur at computer working
Borrowing, Business

Canada Small Business Financing Program (CSBFP)

Read More
Young man sitting in a cafe with a cup of coffee
Borrowing

You've received your first credit card. Now what?

Read More

Cookie Consent

We use cookies on our site to improve your experience.