Debt can be a useful financial tool. Loans can help you buy a car or a home. And if you use credit cards, you can sometimes collect other benefits like travel miles or points you can spend. However, too much debt can make it difficult to save money and limit your financial options now and in the future.

Any money you’re putting toward monthly debt repayments isn’t going toward your savings. The sooner you pay off your debts, the sooner you can put your money into savings or an investment that will earn you interest.

This article by the Ontario Securities Commission helps you determine how much you owe and what steps you can take to reduce your debt.