Carrying credit card balances with high interest rates and making multiple payments to various debts costs you money.

For example, if you are carrying a credit card balance of $8,000 at 18.9%, you could save up to $952 a year if you consolidate that debt into a 7%† loan.

Here are some tips to help you reduce your debt and save:

1. Develop a budget with realistic wants and not just your needs. It's easier to stick with a plan that gives you some rewards and incentives.
2. Leave room in your budget for the odd big surprise.
3. Reduce your number of credit cards to make it easier to track your spending.
4. Set up a loan with regular monthly payments to reduce revolving debt.
5. Pay down the debt with the highest rate first and consolidate at a lower rate.
6. Use money from a debt you've paid down to start a savings program.
7. Don't fall into the temptation to start another debt after you consolidate. It could leave you in worse shape than when you started.

Reduce your debt with help from Servus Credit Union. Call us today at 496-2000 or toll free at 1-877-496-2151.