How to Reduce Credit Card Debt

Two methods to hack away at credit card debt

Credit card debt levels can get out of control and they can easily cause Canadians to lose their financial grip.  Unlike bank loans or car payments, your monthly credit card bill is not a set amount – if your balance grows, so do your payments.  At the same time, high APR means a lot of your bill payments will go toward interest charges and not the actual balance.

If you want to maintain financial stability, you need to battle back, and every successful battle is based on sound strategy.  If your minimum payments are getting you nowhere, it’s time to take aggressive action to reduce your debt quickly so that you can regain control.  We developed the infographic below to help you choose a tactic that fits your budget.  Stick to the plan, and you will eliminate high-interest balances regain control of your credit cards as quickly as possible.

Use the infographic to help choose the plan that works best for you.  If you have any questions, or feel like it is simply too difficult to get ahead, call one of our trained credit counsellors, free of charge.  They’ll give you advice and offer suggestions on your best options for eliminating debt.  You can call 1-888-294-3130or complete the online application to request your free confidential consultation.