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FLM 2017: How to Take Charge of Your Debt with These Cool Tools

Financial Literacy Month (FLM) is here again. Created in order to encourage Canadians to learn more about effectively managing money and debt, the theme this year is “Take Charge of Your Finances.” For those who are looking to take charge of their debt, here are three cool tools to help you do just that:

  1. Online debt calculators

In order to take charge of your debt, it’s important to really know and understand your debt, including how much you owe and how much time it will take to repay. A debt calculator can help you easily calculate the estimated length of time it will take to repay your loan, the total amount of your loan and the estimated amount of interest you will need to pay your lender.

Another useful tool for taking charge of your debt is a debt options calculator. A debt options calculator allows you to compare different debt relief methods in order to determine which one would work best for you.

  1. Online budget calculator

Following a budget allows you to plan ahead and avoid any unnecessary spending that could potentially lead to more debt. Budgets also allow you to plan for your financial goals, including debt relief. The Financial Consumer Agency of Canada (FCAC) provides a helpful online budget calculator that will help you create a realistic budget for you and your family to follow.

  1. Financial management apps

Financial tracking apps, like Mint or Wally allow you to enter your budget and track your spending and expenses on the go. They also allow you to monitor and track your debt repayment efforts and other financial goals.

Looking for more apps to help you meet your debt repayment or savings goals? Check out 10 Best Apps for Your Budget on

What tools do you use in order to take charge of your debt? #DebtSolutions #FLM2017 #ItPaysToKnow

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