Credit Cards

	Credit Cards - Money Problems Radio Show (Opens in a new window. Optimized for Windows Media Player 6.4 and later versions.)
Originally aired on October 8, 2005

Show Topic:

Credit cards are the most common and easiest way to borrow in Canada today. On today's show we discuss how to deal with money problems caused by credit cards.

Guests:

Douglas Hoyes and Ted Michalos are the founders of Hoyes, Michalos & Associates Inc, one of Ontario's leading personal insolvency firms. They emphasize a "fresh start" when dealing with money problems. They can be reached at www.hoyes.com or, in Ontario, at 310-PLAN (no area code required).

Show Summary:

Lots of people in Canada have many credit cards, and they carry a balance each month, which can lead to serious money problems.

There are many signs that you are having serious money problems with your credit cards that can include:

	Collection calls at home and at work
	Wage garnishments or people threatening to garnishee your wages
	Lots of stress, which makes it difficult to sleep, and can cause medical problems.

However, there are options when you are having money problems, including getting a debt consolidation loan, filing a consumer proposal or, as a last resort, filing a bankruptcy.

You have options, so we recommend you contact one of our bankruptcy experts for advice on your situation.

Question of the Week:

Q. If my spouse and I both have a joint credit card, how can I make sure we both don’t get into trouble with that card?

A. It’s important to make a budget each month before you spend money with credit cards. Credit cards should be a substitute for cash, not a substitute for borrowing. That means, if you don’t have the money to buy something, don’t use a credit card to buy it. Only use credit cards when you have the money to pay your bill in full at the end of the month.

Don't let your Money Problems overwhelm you; contact a bankruptcy expert today for more information on dealing with problems caused by using credit cards.