Worried About Credit Card Debt? Deal With it Now
When used carefully and correctly as a part of a stable financial strategy, a credit card can be a very valuable tool, helping you to make purchases that you would otherwise be unable to afford.
But just like other forms of lending, such as loans, your relationship with them can easily turn sour if you start to borrow more than you can afford to repay.
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Regretting your credit card debt
First and foremost, regret is a completely natural emotion, and if you have gotten yourself into trouble with credit cards, then it is perfectly normal for you to be feeling a sense of regret about your spending.
Having gotten yourself into this situation, what matters most now is how you plan to get out of it.
Using your savings to pay off your credit card
A study based in the United States has found that most people have some degree of savings that could be used to pay off their credit cards – but the question is, should they use it?
While paying off credit card debt is important, having some money set aside for emergencies is also equally beneficial, and so using the entirety of their savings to pay off their credit card debt could put them in more financial difficulties later down the line.
If you happen to have savings and credit card debt, then the best approach is to try and pay off your debt in another way, such as by reallocating money from elsewhere in your budget.
Other debt-relief options for credit card debt
If you have a credit card debt that you are struggling to repay, then don’t panic – there are a number of other debt-relief options that can help you.
Believe it or not, the government doesn’t want you to be in debt and so has put measures in place to protect you and to help you pay back what you owe to your creditors.
Finding the right debt relief option for you
If you have racked up a credit card debt that you regret and think that you need help from a debt relief service, then the first thing that you should do is to contact a Licensed Trustee who is qualified to assess your financial situation and to advise you on the best course of action.
Here at Bankruptcy Canada, we can connect you with one of more than 430 Licenced Local Trustees across Canada, who will then be able to offer you a free and confidential meeting at your convenience.
Whatever route you choose to take, your Licensed Trustee will be able to guide you through the process, liaising with your creditors and taking away some of the emotive pressure associated with your debt.
To be matched with one of our experienced Licensed Trustees, contact us today on (877) 879-4770 or by filling out our online form and let us help you to start a new life debt-free.
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?
How to File for Bankruptcy
What is Bankruptcy?
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?