You might be paying more interest than you need to, based on the types of debt you have. Restructuring your debt can lower your interest payments, freeing up much-needed cash to help you get debt-free faster. There are a few different ways to do this:

Switching to lower interest rate credit card Many credit cards have high interest rates. Look to see if one is available to you with a lower interest rate.

Consolidating your debt If you have multiple loans or credit cards, you can combine them all under a new credit application to take advantage of a lower annual interest rate and payment. This might be under a new loan or line of credit that enables you to pay off and close those other cards for good. Booking a meeting with a Scotia advisor can help you find the best solution.

Homeowners – consider STEP If you own a home, but also have outstanding debt like credit cards, STEP might be for you. STEP (which stands for Scotia Total Equity Plan), helps you use the equity you hold in your home to consolidate your debt, which can lower your portfolio interest rate and monthly payments. Ask an advisor to walk through how STEP can help you.

Interested in supercharging your debt repayment plan? Scotia Advice+ has tips to help you reduce your interest costs and modify your payments to get out of debt faster. Read our feature on debt repayment