How to Manage Your Credit Card Debt

How to Manage Your Credit Card Debt

Tis the season to be jolly and of course for shopping! Here comes Black Friday, Cyber Monday, Holiday Shopping and the seasonal deals are AMAZING for sure. And everything feels like a great deal until the credit card bills start coming in.

While Amazon may seem like your best friend, and you think you’re saving money, putting these purchases on your credit cards may be costing you a whole lot more than you think. Do you have any idea how much interest you’re paying on your credit cards? The average rate is 17.5% and can go as high as 28%.  That’s crazy!

If you want to know how to avoid January credit card anxiety here’s a few tips.

Set your Christmas Budget now.

  • If for example, you have $200 disposable income towards gifts, make it firm and set that budget. Discipline is key. Don’t go over it.
  • ALWAYS SAY NO TO CREDIT CARD CASH ADVANCES. Why? Because you start paying interest immediately.
  • To avoid getting tempted, temporarily retire all your credit cards but 1.  Don’t bring them with you when you go shopping.
  • Shop early so you’re not stuck in last minute situations where you end up spending more than you want!
  • If you want to spend more than your allocated budget, give up something now to free up cash when your bill comes. You will have to give up something to make up for the extra funds you want to spend.
  • Know ahead of time how you will pay down your credit card bill BEFORE you go spend the money. If you don’t know, then don’t spend it!

Remember, most people value THIS:

  1. Your time over gift cards, 
  2. Your presence vs. things, 
  3. Your personal effort vs. store-bought gifts.  

Make it with love – Keep it thoughtful – Present it with laughter, feeling or love.

Thoughtful GIFT SUGGESTIONS:

  • Make your own artwork (make a compilation of their favorite songs, make a memory book, draw, paint, woodwork, sew, glue, nail, use your imagination) 
  • Fix things for them that has been broken for a while
  • Repurpose something that means something to them (turn old favorite sweater into pillowcase)
  • Make a time capsule (with all the stuff that means something to them)
  • Print a picture and frame it (dollar store frame)
  • Make a card 
  • Bake cookies
  • Go to the dollar store to put something nice together

 

IS IT TOO LATE? Are you in over your head? 

If it’s already too late, and you lost control over your finances, and your credit card debt snowballed into a painful money management issues, you have options.

DO NOT IGNORE YOUR DEBT! Your situation will become worse if you just ignore it. Stacking bills up in the corner just means it’s always on your mind.

We can help you to Manage Your Credit Card Debt. We’ll help you consolidate your loans or see if you qualify for consumer proposal. Once we’ve sorted that out, then we’ll help you with some good old fashioned credit counselling. Remember, debt collectors can be ruthless and very bad for your mental health. It doesn’t have to be that hard. If you are in this situation, let’s talk and start the process of getting you debt free. 

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