If you realize you have a financial problem or your debt is out of control, you need to start by committing yourself to creating a strategy to pull yourself out of debt. Realize you do not have all the answers but start by paying the minimum or perhaps less than the minimum on all debts. If possible, combine all debts into one debt and make the calls to your credit card companies to explain your financial situation. Ask to pay less, ask to reduce the interest and ask for help. If you begin to change your financial behaviour, your financial life will begin to improve. If you and your partner are in debt together, you need to have a real discussion about who will pay off certain bills based on income.
Save first and your savings will help you be realistic and you will be able to live on less. It is a mistake to feel entitled to purchase—that feeling of entitlement or language such as: I deserve it! is a false positive. Instead tell yourself that you are entitled to save. Open up 3 savings accounts to help you save for a variety of different items and life events. First, you need a savings for 3 months emergency. Second, you need a short- term savings and you can use this account every time you feel the need to use a credit card. Third, open a savings account that you can not access easily or by debit card. You will be likely to spend from this account because you will have time to think about whether or not you need the item you want to purchase.
Research all grants, bursaries and scholarships. Look into grants at work—your full or part-time job. Perhaps your parents work for a company that offers grants and bursaries. Google grants and bursaries in Canada and be specific. For example, look into grants specifically for women—if you are a woman.
A line of credit is a loan with no interest free period. Interest starts the day you are granted a loan. There are two types of lines of credit: secured and unsecured. Secured as in home equity with lower interest, unsecured as in personal or student loans.