How to Lower Debt on Credit Card | Canada Debt Relief

From being a convenience, credit card can turn into problems if not used carefully. Here are a few reasons you might want to cut down on your credit card debt and some simple steps for going about it.

 

If you feel that most of the tips are not the best option for you, there is a Canada Debt Relief option that you can take advantage to make your credit card repayment easier. Please read this article to know more information.

 


Negative Impacts of Credit Card Debt

·       Interest charges in credit cards can be very costly. When you have a huge credit card debt, the interest can take a big part of your budget.

·       Abusive use of credit cards can often lead to financial difficulty.

·       It can also hurt your credit score if your credit card debt becomes uncontrollable.

Therefore, think twice before using a credit card on every purchases or transaction you make. Think twice, whether a cash transaction could be better or if it is an emergency and a credit card use is necessary.

 

Lower Your Credit Card Debt

 

1.       Pay More than Your Minimum Monthly Payment

If you are only settling your minimum payment every month, then you are going to have a big problem in the future. Interest is revolving in your credit card, therefore the more balance you maintain the higher the interest rate.

For you to be able to pay off your credit card faster, you need to aggressively pay your balance by paying more than your minimum payment. If you have extra cash or if you get a bonus, it is wise to use it to pay off a portion of your credit card debt.



2.       Do a Balance Transfer

A smart way of buying time to pay off your credit card is to do a balance transfer. If you transfer your balance to another credit card with 0% interest, you’ll save a lot of dollars in interest.

Make sure to understand the terms of your balance transfer, as some banks only give 6 or 9 months’ interest-free offer. This is your chance to pay off your debt without accruing interest.

3.       Debt Consolidation Program

The best Canada Debt Relief Program for any unsecured debt is a debt consolidation program. This program will help you pay off only a portion of your debt. It is a legal and binding agreement between you and your creditor to eliminate up to 75% of your debt.

National Debt Relief Services is a great company to discuss your debt relief options in Canada. If you are experiencing severe debt from Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans and Student Loan; and have over $10,000 worth of debt – you are eligible for this government-approved program.

Speak to National Debt Relief Services and get a free consultation NOW!

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