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How To Stop Credit Card Debt In Canada In 2-3 Days

Back in March, the credit rating agency Equifax Canada found that non-mortgage debt (credit cards, loans, lines of credit) amounted to $23,800 at the end of 2019.

Despite this, a Bank of Canada survey taken in 2019 stated that, 70 percent of Canadians pay off their balance in full every month.

Even though technically Canadians are good at paying off credit card debt, many financial managers note that, in times of crisis the first thing that most might put off paying is a credit card bill.

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You're not alone

Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

Credit card as a financial tool

First, let us be clear, a credit card is a good financial tool. When used wisely a credit card is a convenient and handy way to make payments for things that we need and for things that we want.

One way that credit cards can help make budgeting easier is when you allow for online and automated payments. For example, you can make sure that your utility bills are always paid on time by enrolling in online billing programs via your credit card.

There are also times when paying for big ticket items via installment with a good credit card is a better deal than paying with cash. If you don’t have the cash on hand, for example, there’s your credit card to pay for medical bills or for a new computer on an installment plan.

Another reason many people love using their credit cards to make purchases is because of the reward programs the credit card companies offer. The ability to earn reward points, cashbacks, or get special discounts make paying for items using a credit card more appealing.

How does credit card debt happen?

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Using a credit card can save you time and money, but like any financial tool, you need to use it correctly.

Remember, using a credit card only defers you having to pay for an item, you are in a sense using someone else’s money – the credit card company’s -money. Eventually, you will need to pay that money back by paying your monthly credit card bill.

Making a monthly budget and sticking to it is a crucial part of staying out of debt, and this doesn’t change if you use a credit card to pay for most of your essential and non-essential purchases. 

You need to be aware of how much you are charging to your credit card and make sure that it still fits your monthly budget. In other words, ensure that you will have enough cash on hand at the end of the month to pay the credit card bill.

What happens if I can’t make the monthly bill?

The problem with credit card debt is the longer you don’t pay, the more the debt will grow. 

Credit card companies charge an interest rate and impose late payment fees if you don’t pay your credit card bill on time. So if you don’t pay your credit card bill for a particular month, aside from the charges incurred for the following month, you will have to pay the previous month’s charges plus interest and late payment fee.

So this is how credit card debt debt eventually increases and become more and more difficult to pay off. 

How to get credit card debt relief

1. Negotiate with your credit card company

This means asking the credit card company if they can lower the interest rate on your debt. This can help you make your payments as, with each payment made, a bigger chunk of your debt gets paid off.

You can also get a credit counseling agency to help negotiate with your credit card company, this might be the best option as they can also help you best plan to pay off your debt quicker.

2. Enroll in a debt management program

You can do this after talking to a credit counseling agency, you will be assigned a credit counselor who will look at your debt and your financial status and help determine how much you can afford to pay to your credit card company while still being able to meet your needs.

Your credit counselor will also negotiate with your credit card company on lowering your interest rate and maybe waiving late fees. 

3. Enroll in debt settlement

Your credit counselor might also determine that debt settlement is the best way to pay off your credit card debt. Here, they will negotiate with the credit card company and get them to agree that you can pay only a certain portion of your debt and the rest will be written off.

Our Clients 5-Star Reviews

Ariel Jay Peters
Ariel Jay Peters
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Highly will recommend this guys. They are very professional and very good on what they do. I wanted to get out of debts and this guys helped out of it and on top of that saved me alot of money.
amanda sloan
amanda sloan
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Absolutely amazing people to work with. Very understanding and compassionate. Dionne was extremely professional and an absolute joy to speak with. I would definitely recommend their services to anyone that needs financial guidance. There is absolutely no pressure and they help you through step by step. 100% amazing service.
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I felt very good talking to Dawn. She is a great help. She has also hepled me out a lot. I am very happy witn everything. Thank You Dawn.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

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.

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Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
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Talk to us! We will help you get out of debt.

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.

We will help you compare
the options and savings of all formal debt relief programs available to you.

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Frequently Asked Questions

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.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
Verified
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Verified
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
Verified
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
Verified
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Verified
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Verified
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
Verified
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Verified
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Verified
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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