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Southern Alberta & East Kootenay
Struggling with debt? BBB has tips to help with your money matters
January 21, 2014

January 21, 2014 – CALGARY, ALBERTA – Are you still continuing to climb the mountain of debt you’ve acquired over the years? The idea of finally facing your financial troubles may be enticing, but countless debt-collector calls and piles of bills can leave you counting your change. Better Business Bureau is here to help you become a financial savvy consumer so you can laugh, not cry, all the way to the bank.

In partnership with BBB, Clearpoint Credit Counseling Solutions (CCCS) is equipping consumers with tools and tips to help get them on track to a secure financial future. The Budget Calculator tool from CCCS provides an instant and easy-to-follow budget that will help you start your debt-reduction journey.

President and CEO of BBB Serving Southern Alberta and East Kootenay, Sandra Crozier-McKee, says even though trying to become debt-free can be overwhelming, it’s important to start your journey with credible businesses that won’t add to your money matters. “Consumers who are looking to tackle their financial debt are encouraged to check with BBB for credible businesses they can trust to put them on the right track to their goals,” she says. “Learning to budget and actually stick to that budget is a key component to creating a financially secure future. But before you can create a budget, you have to know how to properly plan your finances, which is how we hope to help consumers through our partnership with CCCS.”

BBB offers these tips for becoming debt free:

  • Set up a household budget - Adjust expenses to find extra money to pay down credit card and other revolving debt – even $50 a month will help.
  • Choose a method. Debt management experts advise either paying off higher-interest balances first (this is referred to as the ladder method of debt repayment) or paying off smaller balances first (called the snowball method, because you build momentum). Either way, you’ll be moving in the right direction.
  • Ask for lower rates. Most credit card companies will lower interest rates when asked, especially if you mention a “hardship plan.” Lower rates mean your payments go more toward principal instead of interest.
  • Send extra payments. Make at least the minimum payment each month on every account, but send that extra amount to the chosen payoff account. As soon as that debt is paid off, put its payment and the extra toward the next account on your target list.
  • Stick to the plan. It can be tempting to use your credit cards again once the balances are lowered, but that will only make it harder to get out of debt, and the process may take much longer. Resist the temptation and keep your eyes on your long-term goal.

For more consumer tips visit bbb.org. 


 

Media Contact:

Leah Brownridge
Marketing Communications Coordinator
Email: leah@calgary.bbb.org
Phone: (403) 531-8793

About BBB:

For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2013, people turned to BBB more than 132 million times for BBB Business Reviews on more than 4.5 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. BBB Serving Southern Alberta and East Kootenay, founded in 1954, is one of 112 local, independent BBBs across North America.

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