With the New Year just days away, Canadians are making it a priority to find a way to reduce their debt in 2020, according to an annual poll by CIBC.
It’s the 10th straight year the survey has found Canadians are thinking about their finances as they get ready to turn the page on a new year.
"Debt repayment doesn't need to be worrisome. It needs to be managed, but it shouldn't come at the expense of savings,” Golombek insisted. “A strong financial plan incorporates debt management strategies, savings for financial goals and a balanced portfolio with investments designed to make money in all market conditions."
Canadians say they’re also feeling less optimistic about their financial situation as they head into 2020.Take a deep-dive into your income and expenses: gain a clear picture of your financial situation, then find places where you can cut back and locate extra cash. An advisor can help you save on interest costs, consolidate any payments and, if possible, find ways to lower fees or repay your debt faster.
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