St. Patrick’s Day: Don’t Rely on Luck to Get Out of Debt

2023-03-17  2 minute read

Vicky Samuels

Debt Solutions

St. Patrick’s Day may be lucky for some but there’s no pot of gold at the end of the rainbow for most of us. If you’re looking for more practical ways to deal with your debt, here are a few ideas to help you find your own pot of gold.

Red head woman wearing a green sweater looking thoughtful while working on laptop at the kitchen counter

Review your budget

Budget isn’t a bad word. If you don’t like the word, replace it with “monthly financial plan”. How does that feel?

I would recommend that you first examine your expenses. Are there any areas where you could cut back? Have you tried calling your cable or phone company to see if you can get the current promotion or if you can get rid of services you aren’t using to their full potential?

Secondly, examine your spending habits. Review your last three months’ worth of bank transactions and sum up your monthly spending. Although some expenses such as car payments, mortgages, and daycare, are fixed; have you noticed any spending patterns? Are you spending more on coffee than you thought? If you can cut back on some of those expenses, you may have room to service your debt, or even start a savings account.

Prioritize paying off high Interest loans

Not all creditors charge the same interest rate. Interest rates can range from eight to 38 percent or higher. Review each statement and the interest rate for your debt products. Contact your credit card companies and ask if they can lower your interest rate for a set period. This way, you can tackle the principal and not just the interest. You can focus on paying off the higher interest rate debt first if you know what each creditor is charging.


Do you feel like you have too many bills to manage? Consolidating your debt into a single monthly payment may make it easier to manage. Instead of making many different payments at different interest rates, you can make one payment at a fixed rate over a set period. When considering this as an option, be sure to ask about interest rates, monthly payments, and whether or not this is a viable option. Is this proposed payment giving me the fresh start I seek, or is it only addressing a part of the debt?

“May you have all the happiness and luck that life can hold - and at the end of your rainbows, may you find a pot of gold”, says an Irish blessing. However, there’s no such thing as a pot of gold. Relying on luck isn’t the best solution when it comes to dealing with debt. If you’ve tried everything and are still carrying the weight of debt, it might be time to consider a free consultation with MNP Ltd. 

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