How to Eliminate Credit Card Debt
If you are stuck in credit card debt and are looking for ways to tackle your maxed-out credit cards we have some easy methods for getting your credit card debt under control.
If you are ready to pay off your unsecured debt once and for all these methods can help you get out of debt:
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Eliminating Credit Card Debt – Set a goal
In order to stay motivated and on track for getting your debt on your credit cards under control you should set obtainable goals that help you stay on track.
Your main goal should be to pay off your highest interest cards first, which can take time and discipline.
You should monitor your progress carefully and on a regular basis to keep your motivation level high for continuing to pay down your debt.
Cut Your Credit Cards Up / Put Them In a Safe Place:
In order to begin tackling your credit card debt you need to be disciplined, which includes taking your cards out of your wallet.
You should put your credit cards away in a safe place.
When you use cash instead of credit it will be harder to spend compulsively and you will keep greater track of your spending.
Spending cash helps you separate needs from wants.
If you feel that taking your cards out of your wallet is not enough you can destroy the cards, or freeze them in your freezer until you are completely debt free.
Using only the cash in your bank account can help you make a debt management plan to deal with your outstanding debts.
Eliminating Credit Card Debt
Make a List of Your Debts to Prioritize Your Debts: By listing all of your debts you can prioritize your debts in the order of their importance.
Credit card companies charge a high interest rate for credit cards as the outstanding debts on these cards can become overwhelming for the individual to repay.
Carrying a balance on your unsecured debts can quickly spiral out of control.
Making the minimum payments on your credit card debt is fine but you won’t make any progress in paying down your debt if you only make small monthly payments on your debt.
If you are struggling with an overwhelming amount of unsecured charge card debt, you might need a professional debt relief option such as personal bankruptcy, a consumer proposal, or a consolidation loan.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
Canadian Bankruptcies
How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?
