Debt is something everyone will have, whether it’s student loans or a home mortgage, or even a few unpaid electricity bills. The problem with this picture is that most people have learned to just live with their debt instead of trying to reduce it. They have the mentality that liability is something that’s present no matter what you do. Fortunately, debt can be paid down and it’s even possible to live without any type of credit or loan, with the right lifestyle.

The good news is that everyone is doing something to minimize their credit, even if they don’t know it yet. If you check any credit document that you’re paying, you’ll see that you’re actually paying away your debt, only that it’s taking some time because of the minimum amount of payment. If you have the spare cash, follow the Government of Canada’s suggestions and try paying out as much as you can. Soon, you’ll see your credit amounts going down.

Once you start paying off your debts, stop adding to them. Only use your credit card on the most important occasions and don’t needlessly take out any loans. Begin working towards the other end by trying to increase your income. Simple things such as yards sales and the like can help minimize the need for credit.