In the realm of personal finance, being proactive holds the key to mastering your credit card journey. By anticipating and allocating for unexpected charges, you’re not just safeguarding your budget but also taking charge of your financial destiny
Category: Debt
Breaking Free from the Debt Cycle: Strategies to Overcome the Interest Trap
Being trapped in a “debt cycle” or “interest treadmill” occurs when payments towards credit card debt mainly cover the interest, preventing progress in reducing the principal balance. To overcome this situation, strategies such as increasing payments, prioritizing high-interest debt, considering balance transfers or debt consolidation, adjusting spending habits, seeking professional help, and increasing income can be effective in breaking free from the cycle and regaining control of your financial situation.
Unlocking the Hidden Financial Potential of Credit Card Rewards: Optimize Points for Long-Term Gain and Maximize Cashback
Credit card rewards are often associated with travel benefits, but it’s important to recognize that they can also be used strategically to improve your financial situation. Depending on the reward system, cashback can be utilized to save money, pay off debts, or purchase registered products.
How we paid off $6,500 in credit card balance in 3 months using one simple trick
There seems to be so many different creative approaches that people follow in order to pay off their credit card balance. We decided to come up with our own in order to eliminate $6,500 in credit card balance. To begin with, it is not that we weren’t already making payments to reduce and even eliminate our balance….
Our seesaw struggle with our credit card and my determination to win the battle
The expenses never seem to end. But neither does my determination to lower my credit card balance and eventually make it disappear completely (balance of ZERO dollars!) It has been a big struggle to keep our-myself and my wife-credit card balance under control. Just when you thought you have made some progress, comes a wedding…
Making the minimum payment on your credit card balance is a trap
When you see the ‘minimum payment’ (MP) field on your credit card statement, think of it as your credit card’s way of making you feel good and not to worry. It is their way of telling you “Don’t worry, though you have thousands to pay us, you only have to pay us a fraction of…
Impulse Buying is Killing Canadians’ Budgets: how and what to do about it?
I have talked and warned about ‘impulse buying’ in the past and recent bank polls re-affirmed and legitimized my warnings and fear: impulse buying is indeed killing the budgets of Canadians. According to a BMO poll, Canadians spend an average of $3720 on impulse purchases, which include clothing, shoes, electronics and even food (possibly leading…
What is a Debt Consolidation Service and when to use them?
In the last three years, dating back to the start of the global recession and the worsening economic conditions, we have been hearing a lot about bankruptcies. Both business and personal. Ignoring the ‘business’ side of things, when it comes to ‘personal’ cases of bankruptcies or being on the verge of sinking into one, a…
Are you the next Greece?
When we hear of Greece, images of beautiful beaches and islands come to mind, if not all the great philosophers it gave the world. Unfortunately, as of late, hearing the word ‘Greece’ instantly brings images of people protesting in the streets, youth rioting in front of the parliament in Athens and other images of chaos. …
Is your Credit Rating about to be Downgraded like the US? It doesn’t have to…
The financial world and the stock market have been rocked by the downgrading of the US credit rating by Standard and Poors. Given the poor state of the US economy and the government’s recent infighting to reach a consensus regarding the debt ceiling in a short time, have all spelled an end to the United States…