Are you worried about your credit card debt? Credit card debt is something millions of Canadians are struggling with. For example, in America, the public owes over one trillion dollars in debt. In Canada, the numbers are equally discouraging.
What You Should Know
The first thing you should know is that if you have credit card debt, you have to come up with a plan to pay off the debt or seek financial assistance from a counsellor who can help you make a plan. If you are not careful about how you spend your money, your debt will only go up.
Come up with a plan for paying off your credit debt, little by little. When you get extra money, such as money you receive as a gift or a raise, use it to pay off your credit debt. Paying off your credit debt should be your number one priority. You should also always pay attention to the period of time it will take to pay off your loan at the minimum payment. This information will be on your credit card statement each month and can be a good indicator of when to obtain financial help. If this date seems totally out of control it might be time to talk to a counsellor.
Watch Your Spending
Be smart about your spending habits. If you continue to use your credit card without paying attention to what you are spending your money on, you will continue to a have problem with credit debt.
Ideally, a credit card should only be used when you know you have enought funds in your bank account to pay off the amount spent. . If you are having trouble keeping cards under control try to stop using them and instead take out a specific amount of cash and spend only that over a certain period of time. This can make you a lot more careful about what you are spending your money on.