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my name is ira smith president of ira smith trustee and receiver inc first the ira smith team hopes that you had a restful and enjoyable holiday season happy new year and we hope that you remain healthy safe and secure during this coronavirus pandemic i want to assure you that the ira smith trustee and receiver inc team is available at any time to answer any of your questions both myself and brandon smith are available and we are holding meetings by telephone and video conference now in honor of all those including myself who did not take a southern vacation as we might normally do over the holiday season unlike many of our politicians i wanted to create this background to make it feel sort of like we are today's brandon's blog is answering a question we are asked many times by people who have a lot of debt but we believe can work their problems out without having to file for bankruptcy or an insolvency proceeding it's all about paying down debt brandon has described his seven simple yet effective hacks for paying down debt so i hope you can watch until the end of this video because i know you will get value from it today's brandon's blog is paying down debt my seven essentially yet easy hacks to be debt free brandon talks about a recent cibc survey that shows the number one financial goal of canadians for 2021 is paying down debt now cibc does this survey annually for the last 11 years that has been canadians number one goal so why is it that it's always the number one goal it's probably because most people have that as a goal but can't properly put it into practice so we hope that this blog showing you seven simple hacks to get started will be of help brandon talks about how debt affects your credit scores why credit card debt is so dangerous how personal loans can impact your credit scores both positively and negatively and then gives his seven hacks so i just want to go over those seven hacks quickly the first one is in being able to be totally debt-free sit down and write down your debt-free goals now look at them picture in your mind's eye how your day would change when you're debt-free what would it feel like how will your life be changed how will it be better how will you feel write out this story on a vision board hang it on the wall so you can see it every day that will give you the emotional push to get started hack number two don't have a goal of how much you intend to pay off in total but have short goals how much do you intend to pay off in three months six months nine months one year don't go any further than a year to be able to quantify those amounts you have to set up a budget what are all your sources of income where do you spend all your money look at your expenses figure out which ones you can cut back on look at your sources of income do you have the ability and the time to pick up a side hustle to bring in more money create your budget and follow it this will produce money for you available to start paying down debt we like small bursts of cash not waiting to save up a huge amount since the lock down the self quarantining i'm sure you've spent less on clothing eating out at restaurants or ordering in from restaurants and other entertainment since you've already been living for nine or ten months spending less use that money to go towards savings keep spending less on certain areas that you've already proven you can live without now many times we're asked how to get out of debt while you have a low income hack number four decluttering go from room to room set a rule for yourself if you haven't worn the clothing use the item looked at the item in the last five years put it up for sale if it's saleable or donate it if it isn't saleable whatever is saleable sell it online raise the money use that money to pay down debt hack number five this is going to be another tough one look in your driveway do you have a relatively brand new car or truck mostly financed and therefore you're paying every month on a large vehicle loan and since the lockdown the self-quarantining it has probably been sitting idle in your driveway or garage more often than not is there a way you can get out of that large loan by returning the vehicle and getting something more affordable such as a car that just came off a three-year lease which is perfectly fine mechanically and perfectly fine to meet your needs hack number six eliminate lifestyle creep what we mean by that is whenever you get a tax refund or a raise most people end up spending that money well next time on an after tax basis don't spend it use that excess to pay down debt and hack number seven put a freeze on your credit cards don't cut them up don't send them back in just put them in a drawer make all your essential payments with cash or debit card which is the same as cash that way when you use cash or your debit card you really feel the purchase at the time using a credit card you don't you may feel it when your statement comes in but you won't feel at the time of making the purchase so those are the seven simple hacks now brandon also talks a bit about down below the two methods that are well known for paying down debt the dead avalanche method and the debt snowball method and you can read about them below and finally can i book a meeting with someone who can help of course you can give us a call we would love to answer your questions about this blog or anything else ira smith trustee and receiver inc is fully operational call either myself or brandon smith we would love to hear from you so again the ira smith team hopes that you and your family are safe healthy and secure had a restful holiday season and we wish you a healthy and happy 2021.