After The Big Day: How Parents Can Get Out of Debt FastAug 30, 2017
What’s the next step after celebrating your child’s wedding? For an increasing number of parents, it’s looking for ways to get out of debt fast. Recent stats show that more and more parents are financially supporting their millennial children, including footing the bill for their wedding celebrations.
If you’re part of the growing number of parents dealing with post-wedding debt, here are a few important steps to take in order to deal with that debt quickly and efficiently.
Learn about your options
You may not even be aware of the many options that are available to you. Debt consolidation, for example, can be helpful for those who have multiple high interest debts, like credit card debts. Check out our blog article to help you determine whether debt consolidation would be a good option in your situation.
Determine whether your debt is a problem
There’s a difference between wanting to get out of debt fast and struggling to manage the debt you carry. Has your debt become a problem? Maybe you’re not able to save for your retirement, or you can’t balance your budget as a result of the wedding debt you’ve accumulated. Be aware of the warning signs of too much debt.
This blog will help you answer the question: Is Your Debt Out of Control?
The Financial Consumer Agency of Canada (FCAC) also offers tons of great information on the topic of managing debt.
It’s time to create a plan
You need a solid debt repayment plan to effectively pay off your debt. Not all debt plans will help you get out of debt fast, but they will help you get out of debt. You may be able to simply cut back on extra spending in order to put money aside to pay down your debt. However, if debt is a problem for you, consider seeking debt counselling in order to get back on track. The FCAC managing debt also has information on the different types of debt counselling.
Did you take on debt to help pay for your child’s wedding? Share your tips for paying it off. #DebtSolutions and #wedding.