While some individuals only use their credit cards for convenience, many rely on them to cover expenses for basic necessities—especially after an illness, job loss or emergency. This can result in high balances and interest rates. Others use several credit cards without realizing the amount of debt being accumulated, or the amount of time it will take to pay it off.
Initially, the minimum monthly credit card payment is affordable when the credit card balance is low. As the credit card balance increases, the larger and more unmanageable the monthly minimum payments become. Warning signs that it may be time to address your credit card debt include:
- Being able to make only the minimum monthly payments on your credit cards
- No change on your credit card balance every month
- Reaching or exceeding the maximum balance on your credit card(s)
- Arrears with your monthly payments
- The issuer will only accept payment in full
Credit card debt have you financially maxed out?
Give us a call, and we will review your options to see if a consumer proposal or personal bankruptcy debt restructuring plan is right for you.
Thank you for your kindness and caring during the many phone calls over the past nine months.Janice T.