Learn all sorts of great ways to manage your money better, solve your debt problems and use your credit more wisely. We also tackle a lot of credit myths and misconceptions.
Debt Help Blog - Bankruptcy, Budgeting, Credit Counselling & More
Guest blog post by Mike Brasovan
We are often asked ‘How do you pay off a credit card?’ The majority of Canadians have multiple credit cards, and for a lot of people, it seems like their balances continue to grow larger and larger. While you may faithfully make your minimum payments every month, it may seem like you’re hardly making a dent in your balances.
Credit card settlement is one form of credit card debt relief that might work for you if you’re one of thousands of Canadians who have ended up in debt because you faced a difficult time. As you look for ways to deal with your debts, you might start to wonder what happens to your credit score when you take advantage of programs to help you get out of your situation. When looking at debt relief options and solutions, keeping your credit score in mind is a good idea because you will want to work on rebuilding your credit rating once your debt problems have been resolved.
When you need debt help, a debt calculator that illustrates various repayment scenarios, along with how much time each one takes and how much each one will cost, can help you determine the best way to deal with your debts. When it comes to personal finance topics in Canada, a debt ratio calculation is simply a comparison between how much money you owe and your gross (before tax) income. A debt-to-equity ratio is comparing how much you owe (your liabilities) to what you own (your assets).
No one likes being in debt. No matter what you do, the thought of what you owe and the feeling of the burden you carry is always there, weighing you down.
But like any challenge, there is a way out, as long as you are willing to try. And there’s lots of help available if you need it.
A lot of people tell us that they would love to pay down their debt or completely get rid of it altogether, but they aren’t quite sure of the best way to do it or where to get started. There really isn’t any one “best way” that works perfectly for everyone. So here are a dozen proven suggestions to get you started. The more of these you can apply, the faster you will get out of debt in 2017.
If you’re wondering about the difference between nomoredebt.org and nomoredebts.org (with the “s” at the end), this page is especially for you. Nomoredebts.org (with the “s”) is the official website of the Credit Counselling Society. When you’re struggling to pay your bills, are worried about collection calls, or just need debt relief, nomoredebts.org is the website you want.