MONEY MONITOR: Key steps to getting out of credit card debt

B.C. residents carry the third-highest amount of credit card debt in Canada

Credit card debt can sure be a drag, and if it’s causing continuing stress in your life, nation-wide data shows you aren’t alone.

TransUnion credit agency found the average Canadian is carrying $4,094 in credit card debt, according to 2017 data.

B.C. residents carry the third-highest amount of credit card debt at $4,223, behind only Alberta with $4,948 and Saskatchewan with $4,550.

That same report found that Canadians aren’t just carrying more credit card debt, they’re also not paying it back. The number of people with an balance 90 days or more past due rose by 3.2 per cent since 2015/

Here are some tips from financial advisors on getting rid of debt:

  1. Accept that regularly carrying a balance is a problem
  2. Draw up a budget that cuts back on spending, but that you can realistically stick to for the long-term
  3. Pay off the credit card with the smallest balance first, because it gives an early motivating win
  4. Once you’ve proven you can stick with a budget, consider consolidation loans to reduce interest rates
  5. Be patient, check in on your progress regularly, and know that it can be a long-term process

With files from Katya Slepian, The Canadian Press


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Kelowna artist featured on furniture

Shandra Smith’s work is now available on credenzas

Destructive blaze in West Kelowna fatal for cat

The fire at a West Kelowna condo claimed the life of one tenant’s cat

Man pinned under metal tank in West Kelowna

Emergency personnel are on the scene

Mudslide sends debris into Highway

Highway 33 near Joe Rich had mud spilled on the highway from the slide

Kangaroo Creek Farm hops into season

Lake Country’s popular tourist site has opened its doors for the season

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Bobrovsky perfect as Blue Jackets blank Canucks 5-0

Vancouver shut out for 10th time this season

Sock Hop aims to send dancers back to another time

Writers’ Festival fundraiser in Salmon Arm springs into step for another year

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Penticton SAR team helicopters injured climber to safety

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

Kootnekoff: R v. Sidhu, was he asleep?

Driver in Humboldt crash wasn’t distracted at time of collision with bus,… Continue reading

Most Read