The best place to start with sorting out debt is to know your budget and what your regular income and outgoings are. Many of us know roughly what our out goings are but it can be good to write it down and maybe even create a household budget. When you know what you need to spend regularly on essentials you can then get a grip of avoiding debt, one of the biggest reasons for accruing debt across all income levels is prioritizing discretionary over non-discretionary spending in other words failing to distinguish between needs and wants.
If you are going to have a bit of a New Year cleanse of your outgoings start by looking at your credit card and debit statements, focus on any automatic payments for recurring bills and check if you still want them items such as gym memberships, streaming services or wireless plans you no longer need. At the same time focus on paying off any high interest accounts such as credit cards first. Credit cards are typically charged at higher interest rates than other borrowing. It is important to set yourself goals that you can stick to - pay down your debt so you can start saving for the future.
http://www.ctvnews.ca/5things/conquering-your-debt-in-2017-starts-with-a-written-financial-plan-1.3228619
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