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One of the most common ways that people unwittingly fall into debt is through improper use of credit cards.
Credit cards sound like a good deal, and many credit card companies make it easy to give in to the temptation to use them indiscriminately. While there’s nothing really wrong with racking up reward points or taking advantage of exclusive discounts it’s easy to get carried away.
Indiscriminate credit card use or splurging could end up with you having a home, full of things you don’t really need, and no idea how you are going to manage to pay for everything.
If you’re struggling with credit card debt, you should look for debt relief, here are three tips for credit card debt relief in Canada.
A credit card can be a great financial tool. It’s more secure than using cash and many credit cards offer rewards that make charging an expense worthwhile. Having a credit card and using it wisely is also an easy way to begin cultivating a good credit score.
The key to using your credit card wisely is to make sure that you know all the terms with your agreement with the credit card company. Not knowing about interest rates and late fees and penalties and their billing cycle are big factors in why people end up not being able to pay their credit card bill and getting into credit card debt.
If your credit card has a high interest rate, not meeting your credit card payments can have dire consequences. An unpaid monthly credit card payment incurs interest. That means that the bill increases for every month that it is unpaid.
For example, if in January, you didn’t pay your $200 credit card bill and your interest rate is 10% in February, the bill will be $210. That will continue to increase so your bill will get bigger and bigger until it is completely unmanageable. Add to that the fact that many cards have late fees, your unpaid credit card bill will just balloon the longer you put it off.
If you are struggling to pay off multiple credit card bills, it is especially important to know the credit card interest rates in order to prioritize the payment schedule.
Believe it or not, your credit card company takes no pleasure in seeing you struggle with debt.
When you use your credit card, you are basically borrowing their money to pay for a good or service – and they want that money back. So they want you to make your monthly payments in a timely manner.
If you are struggling to make your monthly credit card bill payments, you can try to negotiate better payment terms with your credit card providers.
If you were a good customer in the past, they could be willing to give you a lower interest rate on your payments.
If you have multiple credit cards and are having trouble making monthly payments, this is a very good strategy to take.
When you consolidate debt, you basically arrange it so that instead of paying multiple monthly payments to different creditors, you make one monthly payment.
If we’re talking consolidating credit card debt, there are two ways that you can go about it in Canada.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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