4 High Tech Tools That Can Help You Pay Off DebtDec 06, 2016
If you’re like many Bracebridge residents, you’ve likely used the new tap-enabled credit cards, or even Apple Pay, when purchasing goods and services. Using these newer methods of digital payment is certainly a growing trend according to a recent Bank of Canada study. Less than half of Canadians’ purchases are now being made with cash and 77 per cent of Canadians report that they prefer to pay with debit and credit instead of currency, which leads many to wonder how these emerging technologies could potentially affect Canadians spending behaviours and ability to pay off debt.
It’s certainly easy to see how the relative ease of Apple Pay and tap-enabled credit cards can make it difficult to keep track of spending and stick to a budget. However, with the rising costs of basic necessities like food and hydro, coupled with record high consumer debt in Ontario, it’s important that Bracebridge residents remain diligent with their spending in the digital age. Here are four high-tech tools that can help with money management and paying off debt.
When it comes to financial tools, Wally is a great option. Not only does this app allow you to create a budget, it also allows you track and monitor your spending and set financial goals, such as saving for a home renovation, purchasing a new house, or diligently working towards paying off the debt burden you carry.
When it comes to debt repayment options, it can be tricky to determine which option makes the most sense for you when it comes to paying off your debt. By providing an accurate understanding of how long it will take to pay off your debt, as well as the amount of money it will cost, an online debt repayment options calculator can help you find clarity and choose the most effective strategy for you.
Pay Off Debt is another debt management app that provides information and motivation for those who are working towards repaying their debt. This particular app allows you to set debt repayment goals and reminders, as well prioritizing your debts and tracking your debt repayment progress along the way.
Although these high-tech tools can be helpful when it comes to paying off debt, remember that there are other options available to help you reach your debt repayment goals. Debt consolidation, for example, is a great option for those who have multiple high interest debts to pay off, as it allows you to combine your debts into one loan with a lower interest rate attached. This not only simplifies the debt repayment process itself, it also means that you will save money in interest payments, money that can then be applied to help pay your remaining debt off more quickly.
Debt consolidation may not work for all debts or for all financial situations, however. If you feel overwhelmed by the amount of debt you carry and are unsure of the best way to move forward financially, it’s a good idea to seek help from a debt help professional. A Licensed Insolvency Trustee (LIT) can suggest the right option for you and your family — bankruptcy is not the only option for debt relief. An LIT will explain all viable solutions and help you find the right plan to pay off your debt for good.
Are you high tech when it comes to making purchases? Do you think it affects your ability to manage your finances and pay off your debt? Join the conversation and share your thoughts with BDO Bracebridge using the hashtag #BDODebtRelief.