Paying off your credit card bill every month can quickly go from routine to a stressful burden if your financial situation changes for the worse. It may be tempting to pay only the minimum payment – after all, that’s what the bank sets as the least possible amount you must pay to keep your account in good standing. You could then keep the rest of the money for other bills.
However, continuing those minimum payments will keep you paying off that balance for a much longer time – regularly upwards of years. At the same time, your balance outstanding will continue to gather interest charges over that same time, so you’re pouring more money down the drain.
So what can you do? The best option is to pay the total balance each statement period, but that might not be possible. If you can’t afford the entire balance but can pay more than the minimum payment required, increasing that payment by even a few dollars would save you money on the interest charges and take years off paying the balance. If this still doesn’t provide you financial relief, speak with a Licenced Insolvency Trustee to seek the expert advice that will provide you with the extra push you need to shed the debt. Call Goldhar & Associates Ltd., Licenced Insolvency Trustee to get the help you need while reducing your debt through a consumer proposal. You can book a free consultation anytime by calling 855-541-5114, emailing firstname.lastname@example.org, or visiting our website: www.shedthedebt.ca.