Tag: credit card debt settlement

♦ VIDEO – CREDIT CARD DEBT HELP: START NOW FOR A DEBT FREE CHRISTMAS 2016 ♦

Post author By Brandon Smith
Post date February 3, 2016

Credit card debt help: Now that the Holidays are over

Now that the Holidays are over, and the feeling of Christmas cheer is being replaced with the reality of your need for credit card debt help, I wanted to come and share a few tips for having a debt free Christmas 2016. Maybe you have already maxed out your credit cards with purchases for your family and friends.

It is not too early to start thinking about a debt free Christmas 2016. So while you are taking your time to pay off the credit card debt, or considering your options in obtaining the credit card debt help you need, this is actually the perfect time to begin thinking about having a debt-free Christmas for 2016.

Credit card debt help: 4 tips to becoming debt-free

We have 4 tips that will start you on the path for a debt-free Christmas 2016:

Set a realistic budget– This is a critical part to not only budget for paying off the 2015 credit card debt, but also for planning a debt free Christmas 2016. Make a list of everyone that you will want to purchase a gift for, write down a gift idea and estimated cost. Now you can start incorporating those costs, and the costs of any incidentals like meals you like to cook for family and friends and any other miscellaneous expenses associated with next Christmas.
Set up a savings account – Now that you know how much you have to pay off from 2015 Holiday credit card debt, and your estimated budget for Christmas 2016, you can work those into your monthly budget. Take the estimated 2016 cost and start saving from every paycheque now by putting the money in a special savings account solely for that purpose. It is easier to start saving now in February little bits every week, than to expect all the money to just be available come next December. In this way you won’t need Christmas 2016 credit card debt help.
Look for sales all year round – There are all types of sales throughout the year. Traditionally, the month of December is not one of those months. Why not take advantage of sales all year round by purchasing your Christmas 2016 gifts throughout the year when on sale, rather than just shopping near the end of the year?
Grocery budget – When you are budgeting, be realistic. Even if you are not hosting Christmas dinner in 2016, everyone loves your special Christmas baking and cooking. You will want to make those special dishes to take to family and friends. Make sure your grocery budget for December 2016 reflects the increased food costs for that month when you are starting to save now.

If you follow these 4 simple tips, you will find that your Christmas debt for 2016 will be zero and you will not need credit card debt help due to Christmas 2016. The realistic budget will also help you pay down your credit card debt from 2015 holiday time, as well as help you spend within your means throughout the whole year.

Credit card debt help: Get a no-cost consultation

If you’re trapped in a high interest credit card debt cycle, I could tell you that you need to get credit card debt help, but how would you do it? You need a professional trustee to help you manage debt before it reaches a critical stage where bankruptcy is your only option. We have been able to help many individuals carry out a successful credit card debt settlement program. Successful completion of such a program, will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

Contact the Ira Smith Team today. Before considering declaring bankruptcy, there are other bankruptcy alternatives which include credit counselling, debt consolidation and consumer proposals. We can help and Starting Over, Starting Now you can be restored to financial health.

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Tags Bankruptcy, beat debt, Christmas, christmas (holiday period), Christmas 2016, christmas debt, christmas gift, christmas gifts, Christmas Shopping, credit card debt, credit card debt help, credit card debt settlement, Debt, debt free, hoyes, Ira Smith Trustee, money, professional trustee, Save Money

Brandon Blog Post

WANT TO STEP UP YOUR NEW YEAR’S CREDIT CARD DEBT SETTLEMENT? YOU NEED TO READ THIS FIRST

Post author By Brandon Smith
Post date February 1, 2016

Is credit card debt settlement relief now one of your New Year’s resolutions?

You had a great time over the holidays and everyone loved their gifts. You even bought a few goodies for yourself. After all, there’s nothing wrong with a little self-indulgence, is there? How did you feel when you opened your credit card statement? How long did it take you to start breathing again? Now, can you pay your credit card bills, or are you in need of a credit card debt settlement program?

Budgeting will also be part of a credit card debt settlement

If you’re like most Canadians, you’re already dealing with an enormous debt load and you don’t have anything put aside for a rainy day. You may already be living paycheque to paycheque. The Canadian dollar is very low which means that your grocery bills are higher. And there will be other items affected by the low dollar as well. If you’ve planned a vacation outside of Canada, I hope you’ve budgeted for the low dollar. In fact, are you budgeting at all? As we’ve stressed:

A Balanced Budget is to Financial Health What a Balanced Diet is to Physical Health – Part 1

A Balanced Budget is to Financial Health What a Balanced Diet is to Physical Health – Part 2

It seemed like a good idea to use the credit cards, but now I need credit card debt settlement

Using credit cards may seem like a good idea because they’re convenient and you probably get some type of reward for using them. However, if you’re not paying your bill in full each month, the high interest rates could be your financial undoing. It’s easy to get stuck in the trap of high interest debt and then taking out more high interest debt to pay off the high interest debt. Alternatively, you could face up to the fact that you will never be able to pay off your credit cards, and rather than taking on more debt you will be unable to repay, consider a credit card debt settlement program.

So how can I obtain credit card debt settlement – NOW!

If you’re trapped in a high interest debt cycle, I could tell you that you need to pay off high interest debt, but how would you do it? You need a professional trustee to help you manage debt before it reaches a critical stage where bankruptcy is your only option. We have been able to help many individuals carry out a successful credit card debt settlement program. Successful completion of such a program, will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

Tags bankrupt, Bankruptcy, bankruptcy alternatives, budget, consumer proposals, credit card, credit card debt settlement, credit counselling, debt consolidation, declaring bankruptcy, living paycheque to paycheque, low Canadian dollar, professional trustee

Brandon Blog Post

CREDIT CARD DEBT: 9 REASONS HOUSEHOLDS ARE BEING CRUSHED BY CREDIT CARD DEBT

Post author By Brandon Smith
Post date October 12, 2015

Credit card debt because of reward points?

The quest for credit card reward points has caused many Canadians to overspend and get deeper into debt. We’re being lured by the promise of free trips, free merchandise, services and cash back. As a result we’re overusing credit and we’re left with monthly balances that are accruing high interest charges.

The 9 reasons people are being crushed by credit card debt

According to Canada.CreditCards.com:

52% of Canadian households had credit card debt not being repaid in full by the due date in 2014
Credit card debt as of November 30, 2014: $75 billion
Average credit card debt as of Nov. 30, 2014: $2,627 for each Canadian age 18 or over
Average number of credit cards per Canadian adult: 2.9 in 2013 (including Visa, MasterCard and American Express)
Canadian adult credit card holders carrying cards with rewards: 77% in 2013
The average Canadian household has members belonging to a total of 8.2 loyalty programs

The US statistics are even more eye popping

According to nerdwallet.com:

The average US household credit card debt stands at $15,706, counting only those households carrying debt
Based on an analysis of Federal Reserve statistics and other government data, the average credit card debt per household is $7,327 on their cards
Looking only at indebted households, the average outstanding balance rises to $15,706

What are your reward points really costing you?

Many Canadians don’t understand the true value of reward points. Typically reward points are worth 2% or less. However, annual interest rates are typically in the range of 20%. The reality is that if you’re paying interest on an unpaid balance then you’re really going into debt and not benefitting anything from your reward points. They’re costing you way too much for no return.

Start learning now how to pay off your credit card

TransUnion Canada says for every $1,000 charged in a given month, only about $600 will be paid off by the due date to avoid interest charges. Instead of focusing on reward points, make every attempt to pay off your credit card balance. If you are one of the many not paying off your balance in full each month, stop paying 20% in interest charges by:

Making a budget and sticking to it
Include some amount in your budget for paying off credit card balances
Use cash, not a credit card, to pay for necessities
Pay for everyday items with cash

When looking for credit card debt help, people normally first think of either a debt consolidation loan or a debt settlement company. Although these are two of the several credit card debt solutions for settling credit card debt, we caution:

consolidation loans are also expensive and most times if you already have outstanding debt you may not qualify for such a loan
we have written many blogs about the dangers of debt settlement companies, including, DEBT SETTLEMENT COMPANIES FINALLY TAKEN TO TASK IN ONTARIO
The US Federal Trade Commission also warns about debt settlement scams

How to get out of debt? Take action right now!

Don’t add more debt to your existing debt and don’t ignore your debt! Contact a trustee for professional help. The Ira Smith Trustee & Receiver Inc. Team will evaluate your situation and come up with a solid financial plan to put you back on the right track. We will review your options with you on how to reduce credit card debt and eliminate it, hopefully using one of the bankruptcy alternatives. Call us today and take the first step towards living a debt free life Starting Over, Starting Now.