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Debt control to-do list

Find out your credit rating by obtaining your credit report. If you find any errors,
correct them. You can obtain a copy of your own credit report for a small fee by
contacting Equifax Canada or 1-800-465-7166) or TransUnion Canada or 1-800-663-9980

Use your credit cards as charge cards — that is, use them for convenience,
but pay them off in full every month without carrying a balance.

No matter how much you owe on credit cards, apply for a line of credit to
consolidate your debts, get a lower interest rate and pay off this high-cost debt first.

4. Credit cards charge varying rates of interest. Find the ones that charge lower rates
– it makes a difference.

5. If you own a home, opt for a home equity line of credit, which generally offers a
lower interest rate than an unsecured line of credit.

6. Refrain from borrowing money in situations where there is no payback, such as going
on an expensive holiday.

Be very cautious about using one credit card to pay off another.

Pay off “bad” debt (such as high-interest credit card debt) before “good” debt
(such as tax-deductible or lower interest debt).

9. Be cautious of “no down payment” deals. You must usually pay the full amount owing by a certain date, and if you can’t, you’ll find yourself paying a lot of interest.

Content provided courtesy of Manulife Investments

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Manulife Investments is the brand name identifying the personal wealth management lines of business offered by Manulife Financial and its subsidiaries in Canada. As one of Canada’s largest integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, principal protected notes, annuities and guaranteed interest contracts.

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Mark Huber is a certified financial planner, author, speaker, coach and successful online entrepreneur. Marks philosophy: "The best way to predict your future is to create it...." Marks top requested titles: "The 8 Top Simple Ways To Get More Leads & Sales For Your Business On LinkedIn" "How To Blog To Make Money" "How To Get Rid Of Credit Card Debt Fast" "How To Get Rid Of Your Mortgage And Create Wealth - The UnCanadian Way" Marks mission: "To teach, support and empower people as they transform their lives!"