Create a Plan to repay your debt

• Determine how much you owe by gathering past statements, bills or calling the creditor directly.

• Find out what the interest rate is on each debt.

• Pay at least the minimum balance on time, every time.

• If you are behind on some payments, bring them up to date first.

• Focus on paying off the debt with the highest interest rate.

• Consolidate debts at a lower interest rate. You’ll pay off debt faster & make payments easier to manage because you’re only paying one bill instead of several.

• Sign up for automatic payments and ensure funds are available in that account.

• Doubling up your payment one month doesn’t mean you can miss your minimum payment the next.

• Choose one or two credit cards that suit your needs and cancel the rest – avoiding temptation.

How to rebuild

• Apply for a secured credit card by using cash or an investment as collateral. (Example for a $500 limit, you would secure it against $500 of funds in your account or an investment)

• Take out a small loan & be sure to make your payments as above.

• Remember – payments on time, every time!

And finally….

Be patient – improving your credit worthiness & proving to lenders that you are responsible with credit takes time. But you’ll find the benefits of having good credit is definitely worth the effort!

For a copy of your Credit Bureau contact Equifax or TransUnion online or by phone.

For more information, you can also contact Susan Reaume | Mobile Mortgage Specialist, Windsor & Essex County| http://mortgage.rbc.com/susan.reaume | RBC Royal Bank of Canada | T. 519-992-0056 F. 519-736-1826
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The strategies, advice and technical content in this presentation are provided for the general guidance only. This presentation is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. Readers should consult their own professional advisor when planning to implement a strategy to ensure that individual circumstances have been considered properly and it is based on the latest available information.