What is the number one cause of financial trouble and leading cause of personal bankruptcy in Canada? According to the partners of Hoyes, Michalos & Associates Inc., one of the largest bankruptcy firms in Ontario, and one of the advisors on this web site, the answer is simple: Credit card debt.
Ted Michalos, the president of Hoyes, Michalos & Associates Inc., says that based on a review of the bankruptcies he has handled, virtually all individuals who file for bankruptcy have some outstanding credit card debt they need to eliminate.
“If you don’t pay your credit card debt balances in full every month, you are borrowing from tomorrow to pay for today, and it’s that credit card debt that causes the problems” adds Douglas Hoyes, a bankruptcy trustee with Hoyes, Michalos & Associates Inc.
It is easy to get in trouble with credit cards. But what if you are hoping to get out of credit card debt. You can with time and diligence. The desire of most Canadians to reduce their credit card debt is why we’ve prepared this special report, covering the following topics:
- The truth about credit card costs
- Are low introductory rates a good deal?
- How to reduce your credit card interest rate.
- 10 steps to pay off credit card debt.
- What if my credit card debts are more than I can pay?
If you are looking to eliminate your credit card debt, get started: