Credit Card Debt
How to use credit and maintain a healthy financial outlook
In some ways, credit cards have become a rite of passage into adulthood. Teens ask for credit cards as a way to gain more financial independence. We’re constantly inundated with commercials about the latest and credit card greatest offers.
Unfortunately, for many consumers, this has led to significant impacts on credit card debt. A large number of families now have credit card debt equivalent to a loan you would take out to buy a luxury vehicle. As a result, a substantial portion of every paycheque goes towards debt payments, it’s no surprise that people end up in financial distress.
However, using credit cards doesn’t mean you have to accumulate debt and face credit problems. When used in the right way, credit cards can be an effective tool that can be part of your financial strategy.
This section of our website is designed to give you easy access to information you will need to get out of credit card debt. If you are already struggling with credit card debt, and are looking for a way out, give us a call at or request help now with a Free Budget Analysis.
How Does Credit Card Debt Compare to Other Debts?
The first essential step to understanding credit card debt is to learn how it works in comparison to other types of debt, like your mortgage or auto loan. This helps you prioritize debts and organize debt payments into your budget.
- Understanding credit card debt
- Comparing Unsecured Debt vs. Secured Debt
- Canada Credit Card Debt Statistics
How do Credit Cards Really Work?
If you want to use credit wisely, you need to know how credit cards work. This helps you avoid common mistakes that can leave you with out-of-control debt payments.
These resources will help you use your credit cards effectively:
- What You Need to Know About Credit Cards
- Decoding your credit card statement
- How Credit cards can impact credit scores
Get Rid of Credit Card Debt
Eliminating credit card debt means creating a timely and cost-efficient plan to take control of the debt. You should never be satisfied with only making minimum monthly payments if you can do more.
The following section helps you eliminate credit card debt effectively:
- The Danger Signals of Credit Card Debt
- Reduce Credit Card Debt on a Budget
- Credit Card Repayment Calculator – make a plan
- Getting out of Debt – where do I start
Left with questions? There is always something more you can learn when it comes to your credit cards.
These resources can help you understand your debt: