Credit card debt: Steps You Can Take to Eliminate Credit Card Debt

We covered a lot of material: what are credit cards, what’s good and bad about them, tricks and traps you should look out for (such as low introductory rates, late payment fees, high interest rates, etc.), the number of credit cards out there, the balances carried by the average credit card holder, and how many credit cards you should have in your wallet or purse. 

It was clear from the callers coming in to the show that while credit cards are a problem today, people are faced with many, many other problems.  One of our callers told me that while he is current on his mortgage payment, he is starting to see his credit card balances slide; he is only able to make minimum monthly payments and can’t seem to take a bite out of his total balance owing. 

Now this is the type of situation I like.  Don’t get me wrong; I don’t envy the callers situation, but he has taken the first step to deal with his problem.  He is looking for a solution before the situation takes control of him.  Before the collection letters and calls come, before the legal papers from the lawyers arrive, before he finds out there is a garnishment against his wages, he is starting to deal with his problem.  And this is where I can help.  By reviewing his finances (income, assets and liabilities) we can come up with a PLAN to deal with the problem.  Based on his budget, his job, and his family situation, I can recommend the right option for dealing with his problem. 

When someone comes to meet me they usually say, “I live in Toronto and I don’t want to go bankrupt”.  Well, guess what? I don’t want you to go bankrupt either if it can be avoided.  Bankruptcy is the last option I recommend. There are several choices before we get to that point, including a consumer proposal.  This option gets your creditors off your back, allows you to repay a portion of your debts based on what you can afford AND avoid you filing for bankruptcy. 

If you think you are headed for problems with your finances (or are already there), call us at 310-PLAN (310-7526), no area code required, or email us to schedule a free initial consultation.  Financial problems won’t go away or get better by themselves; it’s up to you now, so let’s get started. 

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