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    Credit cards are incredibly common. They are a very convenient way to make purchases and responsibly using a credit card can improve your credit rating, making it easier for you to get loans in the future. However, this convenience also makes it easy to put too much on a credit card and end up with more credit card debt than you can handle. One you end up in a lot of credit card debt, it’s pretty tough to pay it down. This is because credit cards often have very high interest rates. This means that, every month that you’re carrying a balance, you end up owing more money in interest. Over time, you could end up paying more in interest than on the actual purchases! If you are having trouble repaying your credit card debt, we can help. Speaking with one of our licensed trustees can give you more information on the debt relief options that are available to you and make it easier for you to make an informed decision on your financial future. Credit card debt is not just a financial burden, but it also causes a great deal of stress and anxiety. If you have a lot of credit card debt, you likely spend a lot of time worrying about repaying it and stressing out about how you will be able to afford your bills.

    The Problem with Credit Card Debt

    As mentioned, credit card debt is very easy to get into, but tough to get out of. This is mostly because of interest rates. If you only pay the minimum balance (or close to the minimum balance) on your credit cards, you may avoid calls from creditors and collection agencies, but you’re not doing yourself any financial favours. Since most credit cards have very high interest rates, paying only the minimum can be very costly. Paying only the minimum prevents you from being charged late fees or having issues with your lender, but it doesn’t mean that you aren’t still paying interest. It may not even mean that you’re reducing the amount of credit card debt that you have. If you have a large outstanding balance and a high interest rate, you could find that most of your payment is going towards interest and very little is going to repay the principal. Paying only the minimum for an extended period of time will cost you a lot of money. If you have a lot of credit card debt, you might even end up missing payments or making payments late. Not only can this mean additional fees or charges, but it can also negatively affect your credit score. If you are in a situation where you cannot afford to pay your credit card bills as they become due, you may wish to speak with one of our trustees for information on debt relief options that could help you.

    Signs That You Have Too Much Credit Card Debt

    You might be able to tell that you have more credit card debt than you can handle. However, this isn’t always the case. Here are some signs that you may have too much credit card debt:

    • You don’t know how much debt you have
    • You can only afford to make the minimum payments on your credit cards
    • You use one card to repay another
    • You are stressed about debt
    • One or more of your cards is “maxed out” or close to the limit
    • You have been denied new credit
    • You’ve missed payments or made payments late
    • You spend all of your money on expenses and debt repayment, leaving nothing for savings
    • You lie about your debt to loved ones

    If one or more of the above symptoms applies to you, you likely have too much credit card debt or you are approaching a dangerous level of credit card debt. The sooner you take action to resolve these issues, the better. Speaking with one of our licensed insolvency trustees can be incredibly helpful. A trustee can review your financial situation and provide you with details on the options that are available to you. How you choose to proceed is always entirely up to you. We will never pressure you to choose one option over another. It is our job to provide you with the information that you need to make an informed choice about your financial situation.