Understanding Credit Card Interest is the first step to Debt Freedom.
The average Canadian is carrying more debt than ever before, often more than is sustainable by the family income. If you have too much debt, meaning you have a very high debt to income ratio, you will struggle to meet your payments and lenders will consider you a high risk. Usually this results in a higher interest rate, snowballing the amount you pay back.
How much time and money will it take to be debt free? This debt calculator will assist you in establishing how much interest and the real cost of your credit.
The bottom line is, paying minimum payments is not a debt recovery solution. Know your options and understand the solutions.
Reducing your balances and removing the interest portion of the payment is possible in Canada with a consumer proposal to your creditors.
Contact us today for your free debt evaluation and see if you qualify for a consumer proposal.