In order to pay off all your debts and become debt free, you must start off by identifying and listing all of them down. This can include:
- Taxes you owe
- Personal loans
- Car loans
After identifying your debts, you must devise strategies to pay off these loans. According to CRA, the following steps can be followed in order to pay off your debts effectively:
- Review your budget
- Choose a timeframe
- Prioritize the loans you want to pay off first
- Close accounts on debts you have paid off.
- Avoid taking on more debt!
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