Credit Card Debt Did you know? Bromwich & Smith provides debt solution options that can force your credit card providers into a settlement, at an amount you can afford, and not the amount they are demanding.
Credit cards can be both a blessing and a burden. Having a credit card or two can help you build up your credit or get you out of an emergency. Sometimes, though, the ability to "buy now, pay later" can be a promise that's too good to pass up, and that's when problems begin. Credit card debt has a way of quickly spiraling out of control. In fact, in Alberta, credit card debt is one of the most common problems leading to bankruptcy, but we can help you avoid that.
So how do you keep your credit card debt from getting you into serious financial trouble?
1. Don't open up new lines of credit.
It's happened to everyone--you go to check out and the cashier promises 15% off (or more!) if you open up a credit card. When you're making a big purchase, this can be extremely tempting. You may open up a card for extra savings with the intention of immediately paying it off, but credit card companies and department stores make enticing offers because they know that the majority of the population won't use the card once, pay it off, and then never use it again. It's best to just skip the offer altogether.
2. Pay off your balance as quickly as possible.
Carrying a balance on your credit cards is costly. You'll end up paying significantly more in the long run due to the interest that accumulates. Pay off your credit card balances as soon as possible to keep your debt in check. Don't use your cards, and make sure you pay more than the minimum payment each month.
Get help if you can only make the minimum payment or you are missing payments.
If you find your credit card debt is too much to realistically pay off or you can no longer afford to make even minimum payments, it is time to seek the help of a professional. A Bromwich & Smith Credit Counsellor can provide you with advice and options to help you with your credit card debt.