Getting Out of Credit Card Debt

[kduever]

Here is a great tool for anyone who is in credit card debt and trying to figure out how to get out.

The following is a calculator - you put in how much you owe and your interest rate and how much you are paying per month and it tells you how long it will take to get your balance down to zero. It's amazing how much faster you can get out of debt with just an extra $20 or $50 per month!

http://www.fcac-acfc.gc.ca/iTools-iO...lator-eng.aspx

[Cheapster1977]

cool ill have too check it out

[mulock]

I don't understand how people can rake up credit card debt. Do they not realize the consequences?

[jknmomma]

We pay $1000.00 a mth on our credit card debt...will be debt free in about 8-9 mths...sooooo looking forward to the day when we no longer have any debt

[jknmomma]

Credit cards are very easy to use Mulock it`s not a matter they don`t know the consequences. I totally understood the consequences when I chose to use my credit cards...I also realize it`s my responsibilty to pay off my own debt.

[Woofy]

We pay $1000.00 a mth on our credit card debt...will be debt free in about 8-9 mths...sooooo looking forward to the day when we no longer have any debt

Glad to hear that you are on track to tackle your credit card debt!

Maybe you can have a debt pay off meter, so we can cheer you on!

[Prairie girl]

Credit cards are very easy to use Mulock it`s not a matter they don`t know the consequences. I totally understood the consequences when I chose to use my credit cards...I also realize it`s my responsibilty to pay off my own debt.

I agree.

[Cheapster1977]

I agree I accept responsibility when I use my credit card and having only one credit card makes me realize I can t max it out either

[mhk]

I like watching that show on tv - "Till Debt do us Part"

[ashedfc]

Here is some info for choosing the best credit card.

http://www.fcac-acfc.gc.ca/eng/consu...ds/default.asp

[email protected]
Financial Advisor, FundEX Invetments Inc.
Licensed in Ontario, Manitoba & Alberta

[Insane]

I like watching that show on tv - "Till Debt do us Part"

Her website and blog are awesome!

[Zonny]

I don't understand how people can rake up credit card debt. Do they not realize the consequences?

I've had credit card debt, and we are now debt free with the exception of our mortgage. Neither situation makes me better or worse than anyone else.

Don't be so quick to judge, you don't know anyone's personal situation. Bad situations can cause bad choices.

Z

[ashedfc]

Its recommended that one should always have atleast 3 months of cost of living, kept aside in an easily available account (as emergency fund). We always notice, those who don't have an emergency fund, have higher chances of getting into the debt trap (I mean credit cards & higher interest debts). Mortgage debt is a relatively lower interest rate, & its always backed by the real estate as an asset. So having the mortgage is not actually a debt, because its backed by an asset. Its the credit card debt which creates the problem.
Even a $1000 debt on credit card is worse than a $500000 mortgage debt.

[Woofy]

Mortgage debt is a relatively lower interest rate, & its always backed by the real estate as an asset. So having the mortgage is not actually a debt, because its backed by an asset. Its the credit card debt which creates the problem.

I would disagree with you on this point.

A debt is a debt. Just because it is backed by an asset, it is still a debt and is a liability on us, until we fully pay it off.

One good way of testing is to not pay your mortgage, and we can then see how much of an "asset" your house is.

Not understanding what you are getting yourself into when it comes to mortgages can cause and create problems too, espeically if you overextend yourself, and find yourself house rich and cash poor.

I hope we have all not forgotten the housing crisis in the US in 2008, from which they are still recovering from, caused by people overextending themselves where mortgages are concerned.

[Zonny]

I would disagree with you on this point.

A debt is a debt. Just because it is backed by an asset, it is still a debt and is a liability on us, until we fully pay it off.

One good way of testing is to not pay your mortgage, and we can then see how much of an "asset" your house is.

Not quite the same as consumer credit card debt though, at least not in my opinion. Regardless if you're living in a house that you're paying the bank for, or living in an apartment that you're paying rent on, you still need to pay to have a roof over your head. And the interest rate on a mortgage is nowhere near the interest rate you'd pay on a credit card.

If you're in a bad spot and can't make payments, you can also sell your house. Credit card or other debt, you're stuck.

Z