How to Lower Your Bills

Video Transcript

"This is financial advisor, Patrick Munro, talking about how to lower your bills. If you find yourself with a lot of bills it's really a situation of personal responsibility. What you need to do is you need to call your creditors and tell them that you're in a situation that you need to reduce the amount payable at any particular given time. And then, concentrate on the highest interest rate bill, and make as much payment towards that bill as possible. When it's retired move onto the next highest interest rate bill until it too is retired. Then, you'll have a system where you'll find your bills falling away as paid out and paid off, and you'll have more and more cash available to you to retire your debt. Once you get down to a position where you've just got your basic bills, your shelter, your automobile, then you'll have more dollars available for investment purposes which of course, is where you're paying yourself first. Always make sure you don't buy extraneous items. Keep a a a frugal lifestyle is the best route to go with that. This is Patrick Munro, financial advisor, talking about how to lower your bills."