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Thread: Getting Out of Credit Card Debt
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Tue, Mar 2nd, 2010, 08:47 PM #1
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.aspxThis thread is currently associated with: N/A
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Tue, Mar 2nd, 2010, 10:06 PM #2
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cool ill have too check it out
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Tue, Mar 9th, 2010, 07:58 AM #3
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I don't understand how people can rake up credit card debt. Do they not realize the consequences?
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Tue, Mar 9th, 2010, 08:00 AM #4
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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
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Tue, Mar 9th, 2010, 08:02 AM #5
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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.
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Wed, Mar 10th, 2010, 06:36 AM #6
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At the right time, a kind word from a stranger, or encouragement from a friend, can make all the difference in the world. Kindness is free, but it's priceless. ~ Doe Zantamata
"And it's always the right time!" ~ Woofy
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Tue, Mar 16th, 2010, 11:34 PM #7
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Wed, Mar 17th, 2010, 12:39 AM #8
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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
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Sun, Mar 21st, 2010, 03:46 AM #9
I like watching that show on tv - "Till Debt do us Part"
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Sun, Mar 21st, 2010, 09:37 AM #10
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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
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Sun, Mar 21st, 2010, 03:42 PM #11
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Sun, Mar 21st, 2010, 05:23 PM #12
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Sun, Mar 21st, 2010, 10:00 PM #13
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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.
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Sun, Mar 21st, 2010, 11:33 PM #14
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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.At the right time, a kind word from a stranger, or encouragement from a friend, can make all the difference in the world. Kindness is free, but it's priceless. ~ Doe Zantamata
"And it's always the right time!" ~ Woofy
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Mon, Mar 22nd, 2010, 08:54 AM #15
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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.
ZLast edited by Zonny; Mon, Mar 22nd, 2010 at 08:56 AM.
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