In every wallet, one has more than one credit card and almost all of these are running on a maximum balance. This is so because companies are offering these pay-later instruments in an overflow. Though it is tempting to have a high purchasing power, money smart people do not fall into this lure. With so many promotional gimmicks, discounted items and sales being offered, consumers easily fall into believing that they really do need all of these products.
After getting lost in the pile of goods and lining up to sign and charge, one goes home feeling that he just ran off with such a bargain only to realize several weeks later that he bought too much and is in way over his head in payables. When caught in this predicament, don’t be embarrassed of bankruptcy.
Face your problem. Be realistic and do not lose hope that there can be deliverance from arrears. Work out a plan as to which card should be paid first and request the issuing agency to kindly lower the interest to make payments affordable.
Make Minimum Payments
What matters is that you pay whatever amount that you can. Paying the minimum amount due is a good start to be free from liabilities eventually. It also shows good faith from the card holder’s part.
Prevention is better than cure. It would be best to purchase that what you can pay for in cash. While it feels great to collect a ton of goods, one has to make sure that when the bills come, his cash flow can cover all dues.
Watch this quick video for tips on some of the best debt management options in Canada
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