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Regaining Control of Debt

How to manage debt and get back to financial health

In this article you will learn about:

  • Good vs bad debt
  • Consolidating debt
  • Debt management tips
  • Where to get help

Identify your debts and trouble areas

Create a list of all your debts and for each one, figure out what you owe, your monthly payments, and the interest rate.

Examples may be your mortgage, or personal loans for a vehicle or RV. Other debt to consider are taxes, payday loans, student loans, and of course your credit card.

Once you have compiled your list, you can start to see which debt are 'good' or necessary and which ones aren’t serving you. From there you can make a plan of action.

One way to help manage debt is through consolidation

Consolidating your debts can be done by applying for a loan or line of credit to pay off as much of your high interest debt as possible. You then would be paying one payment as opposed to each debt individually. This benefits you because you will be paying a loan with a traditionally lower interest rate. You will start saving money that can be put towards your debt faster. 

When considering a consolidation loan, you need to make sure not to use the credit you are working on or you will acquire even more debt than you had before.

Consolidation loans don’t affect your credit rating so long as you make your payments on time.

Shop around at financial institutions for a consolidation loan and make sure to compare interest rates with lines of credit. Be aware of predatory companies offering consolidation loans but have much higher interest rates after a certain amount of time has passed.

Once you have a good plan in place, focus on decreasing your debt 

Keep track of your daily spending and find ways to make reductions. The more money you learn to save the faster you will get yourself out of debt. Think- Do I need this or want it?

Make small changes like making your coffee at home and bringing your lunch to work can really add up.

Keep your credit cards in your wallet! Until you have your debt in a manageable place, keep those cards in their little wallet home.

Avoid those too good to be true deals. If you can’t afford it now, you won’t be able to afford it when the term is due and suddenly the interest rate jumps far from zero.

Don't struggle, help is there when you need it

Sometimes, you need help making decisions on what to do next and expert advice is needed. You are not alone in your journey back to credit health and there are plenty of professionals out there to help you. 

Here is a list of dedicated professionals you can rely on:

  • Financial advisors
  • An accredited NOT-FOR-PROFIT credit counsellor
  • A Licensed Insolvency Trustee

Find a Licensed Insolvency Trustee here :

Reach us wherever you are

Let your fingers do the walking or come in to see us. 

Meet with an advisor

Book the day and time that suits you.

Visit a branch

We’re open between
9:30am & 4:30pm, M-F.

Send us an email

Email a specific branch or department.

Give us a call

8am-6pm, M-F,
9am-5pm, Sat.

Smithers Branch

3894 1st Avenue
PO Box 3729
Smithers, BC
V0J 2N0
250 847-3255
Hazeltons' Branch

4646 10th Avenue
PO Box 159
New Hazelton, BC
V0J 2J0
250 842-2255

Houston and District Branch

2365 Copeland Avenue
PO Box 1480
Houston, BC
V0J 1Z0
250 845-7117
Lakes District Branch

117-35 Lakeview Mall, Hwy 16
PO Box 1029
Burns Lake, BC
V0J 1E0
250 692-7761

1139 Main Street
PO Box 2380
Smithers, BC
V0J 2N0
866 811-1110

3894 1st Avenue
PO Box 3729
Smithers, BC
V0J 2N0
250 847-7936


3350 10th Street
PO Box 369
Houston, BC
V0J 1Z0
866 811-1115

2367 Copeland Avenue
PO Box 1480
Houston, BC
V0J 1Z0
250 845-7977

3872 1st Avenue
PO Box 3637
Smithers BC
V0J 2N0
250 847-7933
Member Services Contact Centre

3894 1st Avenue
Smithers BC
V0J 2N0
1 877 847-2828

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