Taking out a credit card is pretty straightforward for most people.
Simply compare cards and rates, choose one, apply online, and you could be accepted within a few minutes.
However, paying off the debt you accumulate with it isn’t as straightforward.
Although you are only ever required to pay the minimum on your debts, that doesn’t mean this is all you should do.
For your own future stability and happiness, you should plan to pay off as much as you can each month so that you can keep interest to a minimum and enjoy a higher quality of life.
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In actual fact, paying off your credit card debt could take more than a lifetime if you only ever pay off the minimum!
Let’s say you owe $1000.
This could take 9 years or more to pay off, with interest of around $860.
That’s the lifespan of a small mammal, such as a rabbit.
Here are a few more to mull over:
- If you owe ten times that, $10,000, this could take you 22 years to pay off with interest of over $12,110.
- Owing $50,000 could take 32 years to pay off, with interest of over $62,000.
- Owing $100,000 could take 37 years to pay off, with interest of over $124,610.
Do you really want to have your debt hanging over your head for 9, 22, 32, or even 37 years?
That’s the amount of time it takes your kids to grow up and leave the nest.
You could do plenty of things in that time, and the last thing you want to do is be thinking of nothing but your debt as you do them.
On vacation, you’ll be carrying your debt around like a ball and chain.
Out for a meal with friends and family, thinking of debt.
It will follow you everywhere.
To live your life to the full, you need to take action and pay it off sooner, rather than later.
Get In Touch With Bankruptcy Canada Today
Getting help to pay off your debt might just be one of the best things you choose to do.
You don’t want to carry your debt with you your entire life, so now is the perfect time to change your mindset, create a budget, and make a real change.
Take action by calling Bankruptcy Canada today.
We will help you to take a look at your finances and figure out what needs to change for you to overcome your debts once and for all.
We don’t judge, and we’ll make sure that the solution we come up with suits your needs and lifestyle.
We’ll also equip you with the knowledge to stay out of debt in the future.
If you want to start your journey to financial stability, get in touch with Bankruptcy Canada today.