Pay off Credit Card Debt Faster
Are you having trouble paying your credit card debt back. We can help. Book a Free Consultation with a Certified Credit Specialist.
Understanding Credit Card Debt
In today’s fast-paced world, credit card debt has become a common issue for many Canadians. According to a recent study by the Financial Consumer Agency of Canada, approximately 70% of Canadians carry credit card debt. Furthermore, a report from Equifax Canada revealed that the average Canadian consumer debt (excluding mortgages) reached $23,800 in 2022, with credit card debt being a significant contributor.
These statistics highlight the growing need for effective debt relief solutions. At Doyle Salewski, we understand the stress and anxiety that come with high credit card debt. Our team of certified professionals is committed to providing you with the guidance and support you need to manage and eliminate your debt.
We offer a range of solutions tailored to your unique financial situation, including Consumer Proposals, credit counselling and bankruptcy. Our goal is to help you regain control of your finances and work towards a debt-free future. Whether you’re just starting to feel the pinch of credit card debt or are struggling with significant financial burdens, we’re here to help.
Remember, you’re not alone in this journey. Thousands of Canadians have successfully navigated their way out of debt with our help. Let us guide you through this process and help you take the first steps towards financial freedom.
Symptoms of Credit Card Debt
Recognizing the signs of credit card debt is the first step towards regaining control of your finances. It’s important to understand that credit card debt can manifest in various ways, impacting not only your financial health but also your mental and emotional wellbeing.
If you find yourself constantly worrying about your next credit card payment or if your debt is keeping you awake at night, it’s time to take action. Below are some common symptoms of high credit card debt. If you’re experiencing any of these, it may be time to consider seeking professional help:
- Minimum Payments: You’re only able to make the minimum payments on your credit cards each month. This can lead to a cycle of debt that’s hard to break free from as interest continues to accrue.
- Increasing Balances: Despite making payments, your credit card balances continue to rise. This is often due to high interest rates and additional charges.
- Late Payments: You’re frequently late on payments or missing them entirely. This can lead to additional fees and a negative impact on your credit score.
- Maxed Out Cards: Your credit cards are at or near their credit limit. This is a clear sign that you’re relying too heavily on credit to manage your finances.
- Collection Calls: You’re receiving calls from collection agencies. This is a serious sign that your debt situation is escalating.
- Stress and Anxiety: Your financial situation is causing you significant stress and anxiety. High levels of debt can lead to mental health issues, including anxiety and depression.
Remember, acknowledging the problem is the first step towards finding a solution. If you’re experiencing any of these symptoms, it’s time to take action. At Doyle Salewski, we’re here to help you navigate your way out of debt and towards a more secure financial future.
How do I get rid of my credit card debt in Ontario?
Navigating your way out of credit card debt may seem daunting, but there are several options available to you. The best approach will depend on your individual circumstances, including the amount of debt you have, your income, and your long-term financial goals. Here’s a brief overview of the most common debt relief options:
Debt consolidation involves combining all your debts into one. This can make your debts easier to manage and may reduce the amount of interest you’re paying. However, it requires a good credit score and doesn’t reduce the principal amount you owe.
Credit counselling agencies can provide advice and help you create a debt management plan. This often involves negotiating with your creditors to reduce interest rates. However, it doesn’t reduce the principal amount you owe.
Bankruptcy is a legal process that can provide relief from severe financial difficulties. It’s designed to give you a fresh start by eliminating most of your debts. However, it should be considered as a last resort due to its long-term impact on your credit score.
A Consumer Proposal is a flexible and increasingly popular option for those with high credit card debt. It’s a legally binding process governed by the Bankruptcy and Insolvency Act, allowing you to consolidate your debts and make a proposal to your creditors to pay back a percentage of what you owe over a period of up to five years.
The benefits of a Consumer Proposal include:
- Debt Reduction: You can reduce the total amount of your debt, often significantly, up to 90% in some cases.
- Flexible Payment Options: You can tailor your payment plan to your income and budget, making it a manageable solution
- Interest-Free Payments: The debt you pay back is interest-free.
- Protection from Creditors: Once a Consumer Proposal is filed, all actions from creditors, including collection calls and wage garnishments, must stop.
- Less Impact on Credit: A Consumer Proposal has a less severe impact on your credit score compared to bankruptcy.
At Doyle Salewski, we specialize in helping you eliminate your debt. Our team will work with you to develop a proposal that suits your financial situation and helps you get back on track. With its flexibility and focus on manageable repayment, a Consumer Proposal can be an effective way to get rid of credit card debt and regain control of your financial future.
Couldn’t asked for a better service, all my questions were answered and my financial problems solved. Cheers to a new start!!!.”
Get Started Today
Don’t let credit card debt control your life. Contact us or feel the below form today for a free, no-obligation consultation. Our team of professionals is ready to help you navigate your financial future and find the best solution for your situation.
Remember, there’s always a way out of debt. Let us help you find it.
Schedule Your Free Consultation Now!
Not sure where to start?
Doyle Salewski is here to give you options to choose your path to freedom from debt. Find the best debt relief option for you here.