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Manage Existing Debt

Being in debt costs money.

More often than not, there are fees for taking out a loan or credit card. That's why minimizing debt, as far as possible, is essential for your financial wellbeing.

If you are struggling with the high price of debt, you have several options:

  1. Cut back

    Many people are in debt trying to pay for things that they can’t afford, like a big house, a car, or even just daily trips to the coffee shop. If this sounds like you, consider ways to reduce how much you spend.

  2. Talk to your lender

    You may feel worried by the thought of talking to your lender, but in many cases, they can offer help and a way forward. They may be able to offer you a short payment holiday, freeze the interest on your borrowing for a while, or amend the terms or interest rate you are paying.

  3. Consolidate your debts

    If you have multiple debts, it may be cheaper to consolidate these into one loan if it means a lower interest rate. Be aware of fees. You'll need to consider if there are fees and costs associated with repaying or consolidating your loans and if it will result in less debt to repay overall.

Financial wellbeing

Read HSBC Canada's top tips on how to protect yourself, your loved ones and the other things that matter most against some of life’s risks.

Learn about the different types of financial crime and how you can stay safe from fraud, scams and financial threats with the help of HSBC Canada.

A look back at HSBC Canada's main points of how healthy financial habits will help you achieve financial wellbeing.