Getting Debt Help Remains The Same In A Cashless WorldDec 06, 2016
The push towards developing financial technology that helps people rely less on cash and more on digital payments can place challenges on managing finances and debt. The fact remains that getting debt help should be a priority; no matter how you spend your money. If you choose to rely on digital forms of payment and see cash disappearing as a payment method, it’s still important to have a good management plan in place to meet your debt repayment obligations.
Electricity rates in Ontario are among the highest in Canada. Buying a home in Ajax and across the GTA now requires a six figure income. When there are so many demands on your income, what can you do to ensure that you are living within your means? If you are relying on digital payments methods for everyday purchases, here are three useful tips to help you stay on track, plus some tips about how to get debt help when you need it.
- Use a financial tracking app like Mint.
If you are going digital with all your payments it can be easy to lose track of what you spend; even little purchases here and there can quickly add to your credit card debt. Financial tracking apps can be your virtual bookkeeper by tracking your spending and provide warnings if you are going over budget. Mint is one of the most popular financial tracking apps available, but major banks are also getting into the action providing customers with the option to download a spending tracking app of their own. No matter what app you choose, the initial setup can take a bit of time, but it is worth it in the end. It can help keep you informed in real-time so that your digital spending is not adding more to your personal debt load.
- Choose debit over credit whenever possible.
Choosing to go cash-free when making purchases doesn’t mean you need to rely on credit cards; as that can add challenges to your debt repayment plans. Most major banks now provide debit cards that can act as a credit card, allowing you to add them to your digital payment apps like Apple Pay. Using debit ensures that you are only spending the money you have and not adding to your debt load. If you rely on credit cards to collect travel points making a habit of transferring what you spend back onto the card immediately is very important.
- Use strong passwords to ensure the safety of your digital payments.
Having a strong password that you change on a regular basis increases the security of your digital payments and protects you from potential theft and fraud. In a recent survey, over half of Canadians were concerned about the security of their personal info. Convenience may be a driving factor for using mobile payment apps, but when dealing with money in a virtual environment there are risks you must consider. Always take steps to ensure your credit cards and other financial information is safe online.
Even in a cashless world, debt can still become a problem. If you are in need of help to get your debt under control, there are a number of steps you can take:
- Improve your financial literacy by looking for information about debt relief; the Financial Consumer Agency of Canada is a good place to start.
- Always work from a monthly budget
- Take time to reflect on a purchase before making the purchase — this can help you ensure if it’s a need or simply a want.
- Speak with a Licensed Insolvency Trustee in Ajax about the different debt relief options available to you including debt consolidation loans, credit counselling, consumer proposals, and bankruptcy.
Whether you choose to live in a cash or cashless world, the steps for getting debt help remain the same. If you’re feeling the pinch of debt on your wallet don’t be afraid to seek the help you need.
Join the conversation on Twitter using #LetsTalkDebt and #BDODebtRelief and share how you stay on budget in a cashless world.