Avoid Holiday Debt Hangovers

A lot of Canadians plan to pay for Christmas presents this year with credit, but unless you have a plan in place to pay it off, you’ll be stuck with a holiday debt hangover. Global News Calgary published a special report today, that explains how too many people delay the payment of holiday debts, or avoid even paying the minimum payments.

“Don’t ignore it, don’t just throw it in a drawer because you don’t want to face it,” says Brian Betz, a credit counselor with Money Mentors. “Give us a call if you need help, but you don’t want to stick your head in the sand.” Credit card agencies now have to calculate how long it will take to pay off a card right on the bill—and the results can be staggering. “The last one I looked at this morning was a 143 years,” Betz says.

Here’s some tips for paying back holiday debt:

• If you don’t allow enough time for your payments to reach your lender, you could be paying more interest, which affects your credit rating.
• ONLY take cash advances from your credit cards when absolutely necessary
• Check your statements regularly and report discrepancies as soon as you see them

Read the full article by Global News online, or feel free to contact me with any questions.

Tags : calgary credit, calgary credit card, calgary debt, calgary finance, calgary money