For many individuals, accumulating credit card debt is unintentional. Credit cards may be used for necessities rather than convenience following a job loss, illness, emergency, or to pay for expensive repairs to a vehicle or home. Often in these circumstances, the expectation is to repay the credit card debt as quickly as possible.
As well, individuals may use several credit cards for necessities plus frequent impulsive purchases without realizing the amount of debt that is accumulating or the time it will take to repay the accumulated debt.
Initially, the monthly credit card payments are affordable; however, as the credit card balance increases, the minimum monthly payment becomes unmanageable. If you are only making the minimum monthly payment on several credit cards, you will be repaying the debt for many, many years to come.
Contacting a Faber Trustee to review your options and to discuss a consumer proposal or personal bankruptcy debt restructuring plan may be appropriate if you: