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a couple going over their out of control debts and credit card statements

As time passes, do you find it harder to pay all of the bills each month? You are not alone. Many circumstances can lead a person to realize they have more debt than they can handle.

Are You Experiencing Out of Control Debt? Although you do the best you can, sometimes a little help can make a big difference between coping and feeling overwhelmed. There are options available, such as debt consolidation or credit counselling. A few signs that indicate that you may need it:

  • You are making only minimum payments on credit cards

  • You are near or at your credit card limit

  • You are not sure how much you owe in total

  • You have more than a couple of the major credit cards

  • Credit cards are how you pay for day-to-day needs such as gas or groceries

  • Your card has been declined

  • You frequently transfer your balances to other cards or loans to get lower interest rates

  • You have a tax debt owing to Canada Revenue Agency which you are not paying.

  • You have been using pay day loans to assist managing your debts.

You Can Help Yourself There are ways you can begin to repair the damage of your out of control debt. By starting small, it may seem less overwhelming and you can enjoy a sense of accomplishment as you begin to take charge of your own finances.

  1. No longer using your credit cards. This can help you begin paying off your credit card balances. It will also save you the money that would otherwise have been spent paying the interest on your credit card purchases.

  2. If you find it difficult to resist using your credit cards, you could try cutting them up. Another popular method is putting your card away where you can't easily get to it. For instance, some people may lock a credit card inside a filing cabinet or store it on a seldom-used shelf.

  3. Make a list of all your debts with interest rates, balances, and minimum payments. Also, make a note of past due amounts and payment dates.

  4. Add up your income and calculate what you can pay toward your debts each month. Decide which "essentials" really are essentials.

  5. Keep extra money and use it toward your debt.

  6. Pick a credit card and begin paying more than the minimum. It is easier and more satisfying to pay off one at a time and feel that sense of progress.

If you are feeling very overwhelmed, please know that help is available. Our licensed insolvency trustees and dedicated staff members can help you with your debt consolidation or credit counselling in Ottawa, Kingston, Cornwall, Pembroke or the surrounding areas. Contact D. & A. MacLeod Company Ltd today so that you do not have to do this alone. Over 65 years’ experience = Solutions = Results.

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