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Credit Card Debt

"How do I get a loan with credit card debt?"

Credit Card Debt – I have it, now what?

Don’t worry! Most Canadians have credit card debt. The first thing you should do is get organized. Find out exactly what you owe and to who you owe it. Find out when you get the bills and when your payments are due. Also, gather information on what interest rates you're being charged with each card.

Now that you have the information you are ready to attack the debt. Target the cards with the highest interest rates first as well as cards that have balances that you can get down to zero. Once you get a card to $0 you are no longer paying interest and that allows you to apply that extra money ( you were paying in interest ) to the next card in line.

I know how hard it can be to dig out of even a small amount of debt, but the trick is to live within your means.

The $5 Caramel Frappucino is amazing at Starbucks, but if you acquired a taste for a regular coffee at $2 you could save $3 every day. Better yet make one at home for $.25 and be ahead nearly the full $5. No one wants to impose austerity measures on their daily lives, but the faster you get your debt in check, the faster you can stop paying those high-interest rates.

To put it in perspective – that $5 coffee you bought is costing you 8 cents in interest every month you don’t pay off that credit card balance.

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