I went through my finances actually 2 of my most financially stable besties went over with me about paying up my debt FAST!
I have a stable job, single, no mortgage, no car loan yet since I don't have a license.
But I have accumulated a student loan and consumers debt in the 6 years that I lived in Canada.
I am a big spender yes I admit it now...
I am a shopaholic according to my family and friends and I have been denying that fact.
I am a traveler as well...and travels entail huge amount of money because I shop on my travels.
My first action this year is I tried consolidating my debts.
I got pre approved with a credit line. I was turned down several times by banks just because of my status in Canada.
But this year one finance manager at BMO realized that I can pay the amount I am asking just basing it on my profession and my annual income.
I also applied for an MBNA credit card which is pretty awesome because I got a 15 months no interest on my first year. This card do not have a yearly fee. But there is a 1% charge on balance transfer. Thanks to this I got a lesser interest charge and tried my best to pay it down in half in no time.
When the time was up I transferred the remaining amount to my credit line but I put it back to the MBNA credit card because what's good about this card is they give alot of promo like .99% interest rate for 6 months, or 4.99 % or 2.99% sometimes.
My friends gave me a certain amount per month that I only use for my monthly expenses no buts!
On my calculations if I stick with my budget that I started I will be debt free in 13 months
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