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Four Tips to Managing Debt Wisely Moving to a new country can be an expensive venture. Making large simultaneous investments towards a car, a house or your post-secondary education can be challenging. Yet, these items are often necessary. Managing debt can be a challenge. RBC offers the following tips to manage debt wisely: Pay off high interest debt first: Make a list of your debt, along with the interest rates of each. This will help identify which debts to pay off first. The key is to minimize interest costs, so paying off debt with the highest interest rates is a good starting point. Assessing your debt: In some cases it’s considered a good investment to borrow money to purchase something that will be worth more in the future, such as a mortgage, which will leave you with a financial asset when it's paid off. Be aware of "Buy Now Pay Later" offers: make sure you have the funds to pay the bill before it is due. If not, you may owe the interest from the time of the initial purchase and often a very high interest rate. Track your spending – Use RBC’s online banking tools, such as myFinance Tracker, to help keep tabs on your monthly spending so you know exactly where your money is going If you are feeling overwhelmed with debt, or just need help in learning how to manage debt, RBC is here to help. Visit http://www.rbcadvicecentre.com/ Copyright/Reproduction Notice: This article is content from Royal Bank of Canada's (Royal Bank) Editorial Edge website and is subject to the website's terms of use. Royal Bank holds the copyright for the content of Editorial Edge, but agrees to grant the users of the Editorial Edge articles a royalty free, non assignable, licence to use, reproduce and communicate the articles featured herein, provided that the user is a journalist, it is used or reproduced accurately and not taken out of context. Any unauthorized use of the content constitutes a violation of Royal Bank rights. Royal Bank reserves the right at any time to revoke the said licence and require that a user immediately cease to use the said content upon notification.