Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
We usually sign up for credit cards because of special features and benefits – from cash-back earning rates to travel perks to balance transfer offers. And one feature that may make or break your decision between one credit card or another is the welcome promotion – a special bonus that adds .... More »
Whether it’s to the U.S. or elsewhere outside of Canada, your travel will mean transactions in another currency. You can get foreign cash before you leave, use local ATMs, put everything on your credit card, or depend on currency exchange brokers, to name a few. Here are the pros and cons of .... More »
Canadians with Citibank cards may enjoy the benefits that come with it, including travel and insurance perks. But as of September 22, 2019, Citibank has announced it is slashing those benefits – particularly the ones associated with travel. The benefits that will no longer be honored are worldwid.... More »
Looking for a personal loan? Let’s face it, circumstances can change unexpectedly. And, an emergency can pop up at the worst possible time. From an unexpected home improvement bill or tax liability to your kids asking for a loan, don’t stress it. Personal loans are a way to obtain the m.... More »
Canadians who shop online now have the option to open an Amazon Rewards MasterCard. The new card is the product of a partnership between Amazon, MasterCard and TD Bank. Mike Strauch, Country Manager for Amazon, announced in a public statement, “We are really excited to launch a new credit .... More »
Credit card bills got you down?
That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a loan for a house or a car should you need to. It can also be enormously stressful if you fall behind and end up in the crosshairs of a collection agency.
So before you get any deeper in debt, it is time to get your financial house in order and develop a plan for paying off your credit card debt. Here’s how:
Stop Using Your Credit Cards Immediately
If you are really serious about paying off your credit card debt, then you better stop using them. Otherwise, you are just continuously adding to the debt you are trying to pay off. Take them out of your purse or wallet, lock them away, or shred them if necessary.
Set a Budget and Stick to It
Setting a strict budget will help you avoid unnecessary spending. Start with your monthly wages and calculate how much you need for rent or mortgage, utilities, transportation, and food…