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Tips for paying off debt and having good credit!

Credit card debt, regardless of your household income–among the rich, among the poor–is an epidemic within Canada. Regardless of the financial situation, everyone wants to get paid out of their credit cards, personal loans and lines of credit.

  1. Take all of the credit cards out of your wallet, and put them in a safe place at home. Do not carry them with you daily.
  2. Pay more than the minimum payment each month. If you have more than one consumer debt, focus on 1 account and pay it off, then move on to the next, until you have paid off all accounts. Cut up all existing, except for 1, which you will rely on solely for emergency purposes.
  3. Pay off the highest interest account first, and work this way in descending order.
  4. Call your credit agency, or bank and negotiate for yourself the best interest rate. You may need to switch if your agency/lender is not willing to negotiate, even if it means switching credit cards every six months, it’s worth it when you’re saving your hard earned money.
  5. Read the Fine Print: Understand everything about how your credit card works–all fees, how the company charges you, the so-called grace period, everything.
  6. After you pay off one credit card, you must apply the money you have been paying that particular company to paying off another credit card.
  7. If you doubt that you can do this yourself, call Always A Mortgage Corp. to discuss consolidation loan options. They will help you get debt free if that is your main goal. Soon you will be living in less stress, and able to redirect your money towards savings and retirement as opposed to debt repayment plans.