Report on Credit Cards: Eliminate Credit Card Debt!

Eliminate credit card debt!

You will understand the reasoning behind this suggestion coming from moneyproblems.ca once you read our full report on credit cards.

Credit Cards - the report by moneyproblems.ca

What is the number one cause of financial trouble in Canada? What is a 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 sponsors of this web site, the answer is simple:

Credit cards.

Ted Michalos, the president of Hoyes, Michalos & Associates Inc., says that based on a review of the bankruptcies he has handled so far in 2002, virtually all individuals who file for bankruptcy have some outstanding credit card debt. The exceptions would include people with tax debt, and personal loan related debts.

"If you don't pay your credit card 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.

This credit card debt is why we've prepared this special report, covering the following topics:

Good luck, and remember: the best credit card has a zero balance! Once you eliminate credit card debt, managing your financial affairs will probably not be much of a headache anymore, and you will be a step closer to good credit management.

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