Categories causing slow page load

Hi. I’m hoping someone can help me. My WP blog (hosted on GoDaddy Deluxe hosting)was loading terribly slow…25-40 seconds for the home page. I finally figured out that the category list was causing the slow page load. So I deleted the categories from my sidebar and now the page comes up a lot quicker. BUT..my problem is..I still want my categories! What are my options? Could it be my hosting? Thanks in advance for your help!