With Canada’s consumer debt continuing to rise, although at a slower rate, it is no surprise when individuals come to us looking for credit card debt relief. The ease with which credit card companies extend credit, even to those with less than stellar credit, and with credit limits far exceeding what is necessary, it can be really easy to get in over your head relatively quickly. And with all of that spending, at month’s end, or a few months down the road, you might find yourself in the common position of wondering how you are ever going to pay down those debts!

Because they carry such high interest rates, and because the balance is revolving (meaning once you have paid off a portion, that credit becomes available again), credit cards are often the most difficult types of debt to pay off. But there is always hope. Start by paying more than the minimum payment each month, as much as you can. The minimum payment is typically little more than interest, and therefore not much is actually going onto the principal.

Don’t have enough extra each month to pay that much more than the minimum on more than one card? One of the best ways to deal with this situation is to start with the card with the highest interest rate and pay as much as possible. Since this card is costing you the most, work harder at paying it off. Once it is paid off, move to the one with the next highest rate.

So how can you cut down that monthly spending in order to find the cash to add to each month’s payment and cut down your credit card debt? What about taking advantage of these useful, but all too often ignored, money saving strategies:

–        Have a yard sale – you have all of that stuff lying around anyways – why not get rid of it and make some money in the process.

–        Save your change – when you empty your pockets, instead of using that money tomorrow, put it in a jar and save it up – you might be surprised how fast it actually grows.

–        Make your own lunch and brew your own coffee – sure, this might mean a bit of extra time and effort, but just think about the fact that that $2 a day coffee habit is actually costing you $40 a month!

–        Coupon clip – check the flyers, look online, and search for deals in store. Again, this might take a bit of extra time but the savings in your pocket can actually be well worth it!

–        Visit the library – don’t think that the theatre or overpriced bookstore are your only options for entertainment. Your local library probably has a great selection that is largely underused – and free!!

–        Plan your meals and groceries in advance – buying everything at once lets you take advantage of bulk buys, and can mean useful ways to stretch the budget and the food.

Credit card debt can be a nightmare to deal with, but with the right support and guidance it is possible to pay it off. DebtCare can help. Call us today at 1-888-890-0888.