SOURCE: The Chartered Professional Accountants of Ontario

The Chartered Professional Accountants of Ontario

January 13, 2016 09:30 ET

Get Debt-Free With Holiday Debt Reduction Tips From CPA Ontario

TORONTO, ON--(Marketwired - January 13, 2016) -  It is mid-January, the holiday season is past and many people are dealing with a post-celebration debt hangover as the bills pile up. To help, the Chartered Professional Accountants of Ontario (CPA Ontario) is offering a 12-step collection of savings and budget tips to help people who became caught up in seasonal spending, learn how to get out from under that debt in 2016.

"A lot of people wish they could avoid the January blues that come when their post-holiday credit card bills start arriving," said Chartered Professional Accountant Doug McLarty, a partner with MNP LLP in Ottawa.

Tips - The enclosed tip sheet highlights factors for keeping a keen financial perspective on post-holiday-season debt reduction strategies in order to avoid the stress of debt in the coming months, including:

  1. Resolving to have a quiet, thrifty January at home with friends and family.
  2. Starting a cost-cutting program to pay down.
  3. Making a repayment plan and stick with it.
  4. Paying off­ the bills with the highest interest rates first.
  5. Keeping your credit rating intact by making all required payments, even if only the minimums.
  6. Looking for a low-interest line of credit so you can pay o­ff higher interest rate debts like credit cards.
  7. Considering switching debts to credit cards that offer no-interest incentives, then pay them off before the interest kicks in.
  8. Considering using tax-free spending account (TFSA) funds to pay down debt and then replacing the money in your account when you're debt-free.
  9. Taking advantage of any tax refunds or bonus payments to boost debt repayment.
  10. Getting professional help from a CPA who can provide financial advice.
  11. Learning from this year's lessons and resolving to spend wisely next December.
  12. Having a happy and healthy financial year in 2016.

Another important aspect of managing debt is to know when to seek professional help. CPAs can help manage your finances, develop a debt management plan, assist you with RRSPs and other investments, and provide bankruptcy-related advice and services.

Looking for a subject matter expert? Chartered Professional Accountants (CPAs) are available to speak to media about spending, savings, investments and debt during the holiday season. CPAs are recognized and respected accounting professionals who are highly valued for their financial expertise, strategic thinking, business insight, management skills and leadership.

About the Chartered Professional Accountants of Ontario

CPA Ontario protects the public interest by ensuring its members meet the highest standards of integrity and expertise. CPA Ontario serves and supports its more than 85,000 members and 23,000 students in their qualification and professional development in a wide range of senior positions in public accounting, business, finance, government, not-for-profits and academe. Chartered Professional Accountants are valued by organizations of all types and sizes for their financial expertise, strategic thinking, business insight, management skills and leadership. For information on the profession, visit cpaontario.ca. To become a CPA in Ontario, visit gocpaontario.ca.

Contact Information

  • For more information, please contact:

    Perry Jensen
    Chartered Professional Accountants of Ontario
    416-969-4271 or 1-800-387-0735, ext. 4271
    pjensen@cpaontario.ca