Discussions

Seeking advice on who to speak to regarding paying off debt specifically wish for advice on what to pay off first and how much payments should be to put me on the best trajectory. Also, What are the costs of such service Thank you  
 
Edited by Besca , 2022-03-30 17:18:48

There is a fellow at MNP, Brad, I think his name is, who will provide debt advice. You’d have to check with them regarding any fees, but maybe, like a lawyer, they’ll give you a short appointment for free.

I was once advised to pay off the smallest debt  
When that is paid off, close it and add the payment amount you paid on that to your next smallest debt.  
Continue the same process until you’re done with all debt.  
Paying off only the minimum due amount will never get you out of debt.  
If you have access to Employee Assistance Program they offer some financial counseling.

I’m able to get you in with our financial advisor who can look everything over for you and then set you up with the best plan for your future. If this is of any interest for you to get on the right path then please let me know. Thank you and have a great day.

You should actually pay the debt with the highest interest rate off first(Ie credit cards). While paying off a small one feels very rewarding, the highest interest one is costing you a ton of money sitting there. Good luck OP.

from what your posting is your looking for a debt specialist. a finical advisor is someone who helps you plan for more investments vs paying down debt. MNP is the only place i know of that does this. ms understood is making reference to the debt snowball vs the debt avalanche. honestly if you have the drive the debt avalanche is the way to go just because you normally pay off faster, and spend less in the long run.

Thank you I thought about that after I had submitted my post ….you’re right it should’ve been named something to do with reducing debt  
 
Thank you for this new terminology to which I’ve never heard of debt avalanche and debt snowball  
 
I have been reading up on the avalanche approach and I completely agree… I am paying substantial amounts on each debt right now but I think I will choose the highest percentage debt and put all of my money there except for the minimum payment to the other ones and then once the highest one is paid off I will work at the other ones thank you so much for the info !!

Go to Debtfreenorth.com. they have a chat option so you can talk with someone now.  
Debtfreenorth.com is C. Buhler & Associates Ltd. based in Brandon, they will take care of you.