Beat your credit card debt in a few simple steps
(NC)—With so many ways to shop, it's easy to slip into a “buy now, pay later” cycle. But if you're using your credit card to buy what you can't afford, you risk going deeper into debt. Getting out of debt can seem overwhelming, but it can be done by taking a few simple steps.
Establish a budget to see where you can free up money to reduce your debt and resist unnecessary impulse buys that overreach your budget. Since interest increases your debt level, use the credit card payment calculator on the Financial Consumer Agency of Canada's website, itpaystoknow.gc.ca, to see the impact of only making the minimum payment if you can't pay off your credit card balance in full at the end of the month. It pays to know a few useful tips on how you can beat your credit card debt.
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