The Zoomer Report: Post-holiday Debt
Those post-holiday bills are starting to roll in right about now, and if you
spent too much here’s a strategy for getting your debt under control in
Tackle your high interest debt first. I’m talking about credit cards
with rates in the 19 or 20 per cent range and retail cards that go as high as
30 per cent. Until these are paid off, pay only the minimum on your lower interest
rate cards and lines of credit.
Do without something. If you cut out a fancy coffee every day, and lunch out
3 times a week, you can save about $250 a month. Likewise, shutting off the
family cell phones for a while can save hundreds of dollars a month.
A 10 per cent cut across the board on all your discretionary spending is another
option. And if you rein in your spending instead of using other debt to pay
off your bills, it’ll be an incentive not to do this again.
About The Zoomer Report
Libby Znaimer, a prominent Canadian journalist specializing in business, politics, and lifestyle issues, is producer and host of The Zoomer Report, a special feature on topics of interest to baby boomers and the 50+. It covers everything from health and wealth to leisure and volunteerism, from the special vantage point of the generation that has changed society in its wake.
Ms. Znaimer is also Vice-President of News and Information for Classical 96.3FM and AM740. Her first book, “In Cancerland – Living Well Is The Best Revenge” – was published in October 2007 by Key Porter.
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