Personal finance expert and founder of financial resource website Money We Have, Barry Choi, shares tips on how to avoid a holiday debt hangover
TORONTO, Jan. 4, 2021 /CNW/ - The holidays may be over, but the bills will soon start coming in. The post-Yuletide reality is that many Canadians spent more than they anticipated in December, especially with the recent influx of online shopping. Add in the fact that many people are still on a fixed income due to reduced hours from the COVID-19 pandemic and it's a recipe for a debt trap. Getting out of debt can be difficult, but according to Toronto-based personal finance expert Barry Choi, a few simple tips can go a long way towards being debt-free. A few examples Barry offers is obtaining a consolidation loan with a lower interest rate or focusing on the highest interest debt first, known as the avalanche method. To help Canadians, Barry has published a guide sharing 15 ways for how to get out of debt.
"The holidays are the same time every year, but some Canadians still spend more than they planned to," said Barry Choi. "Without a plan to pay off your debt, you can quickly fall into a debt spiral."
Some of his top tips include:
- Use the debt avalanche method
- Slash your expenses
- Pay more than the minimum balance when your bills come
- Download budgeting apps
- Watch the big purchases
- Shop around
To read Barry's full article, visit Money We Have or https://www.moneywehave.com/15-ways-for-how-to-get-out-of-debt/. To book an interview or segment with Barry, please connect directly with him at [email protected] or through direct message on Twitter @barrychoi.
Website: Money We Have
Instagram: @barry_choi
Twitter: @barrychoi
Facebook: @moneywehave
ABOUT BARRY CHOI
Barry is one of Canada's most outspoken advocates of financial literacy. After firing his financial advisor for charging him high fees and lack of investment advice, Barry embarked on a journey of self-education, because in his exact words, "no one will care more about my money than me." He has since become a sought-after personal finance and travel expert, making frequent media appearances, and featured in media across Canada and the United States including The Financial Post, The Toronto Star, Business Insider, The Globe and Mail, Breakfast Television, CTV News and HuffPost Live.
SOURCE Money We Have
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