Download Four Tips to Managing Debt Wisely

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:
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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/
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