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In December 2022, Statistics Canada reported that consumer credit card debt grew by 13.8% on a year-over-year basis, reaching a record high of $91.5 billion. Between disruptions caused by the recent pandemic, the rising costs of living, and inflation, many Canadians have had to rely on credit cards to help them through difficult situations and keep up with daily living expenses.
By paying off the debts with the highest interest first, you'll pay less interest. This will help you be debt-free sooner. List your debts in order, from the highest interest rate to the lowest. Make the minimum payments on all your debts. Then use any extra money to pay down the debt with the highest interest rate.
Aug 14, 2024 · Option One: Balance Transfer Credit Card. Balance transfer credit cards are a popular tool for consolidating credit card debt in Canada. They offer promotional rates on debt transferred from another credit card. For example, some balance transfer cards offer 0% interest rates for 6 to 12 months.
- Debt consolidation is the process of merging multiple debts into a single payment. It helps simplify repayment with the goal of also lowering your...
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- Debt consolidation can be a good idea for managing and reducing debt. It simplifies repayment and may lower interest rates. However, it’s important...
Aug 18, 2021 · It gives these steps to truly understanding how much debt you have. Start by making lists for everything you owe, from the highest interest rate to the lowest, including: How much you owe. What ...
- Low interest-rate credit cards to manage debt. Choosing a credit card with a low interest rate can help you manage debt, especially if you’re at all concerned about being able to pay off the balance owing every month, since the interest charged won’t add up as quickly.
- Cash back cards to earn money—if you regularly pay your balance in full. If you feel confident about being able to pay off your credit card’s balance every month, a cash back credit card can really work in your favour to manage debt and for monthly expenses you’d pay for anyways.
- Balance transfer offers to consolidate and manage debt. If you find yourself unable to pay off your credit card balance, it’s worth considering a credit card with a balance transfer offer.
- Use your card’s features to stay on track. Many credit card issuers offer tools on their mobile apps or online banking sites to help consumers easily manage their credit cards.
All you need to do is pay off your credit card debts from smallest to largest balance. For example, let’s say that you have 3 credit cards. The first card has a balance of $25, the second card has $200, and the third card has $500. Using the snowball method, you would pay the minimum on the $200 and $500 cards.
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Jul 8, 2023 · Pay off as much as you can to get out of debt sooner and reduce the amount you spend on interest. 3. Make Payments on Time. Always make your payments on time, even if you only make the minimum monthly payment. If you fail to make your payments on time, this can hurt your credit score.
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related to: how do i manage my credit card debt in canada nowOur specialists understand urgency and provide needed answers. Here are steps you can take to keep your finances on track.
