I have this one card through HBC in Canada. It is a Mastercard and the interest rate is about 20%. I had got it pay off in full awhile back and now it is maxed out again. The limit is 3500.00. Right now, I don’t have the money to pay the minimum payments. They are about 172.00 a month…that is crazy. I don’t know what to do. I have cut up my cards before but get a replacement and start using them again. I am going crazy with the debt…I don’t like it. I used to have very good credit…in the 700′s and now it’s in the 600′s. What can I do? How much should I try and pay each month?
I am currently now working either but getting EI. I might hear about a job by the end of this week. Thanks so much.
Thanks everyone. I have connected Credit Canada and informed them of my situation. Hopefully, they can help.
Credit Card Debt….Please help me!?
June 11, 2010 By 3 Comments
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Do not tell the credit card company if you are not working.
They will update that to the credit bureaus, and you could see all your other cards (or possible cards), interest rising.
Also that unemployment status will be there in case you need top open another credit card in the future.
All you can do is pay the minimum.
Of course, you know that for good credit scores you need to pay in full each month.
So make a strong effort as you can.
Employers check credit reports, so do landlords and car insurance companies.
But if you have no job, make sure you can pay that minimum – do anything you can.
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Looks like your situation is not limited to yourself, the government is doing the exact same thing, only they don’t have a max spending limit. Plus, when they run out they just counterfeit and print out more to spend…sound familiar? Looks like you really need to educate yourself, sadly you probably weren’t taught that in school. Check out Rich Dad Poor Dad by Robert Kiyosaki is a great start. You probably shouldn’t think paying $172 is crazy, its just business for the bank or credit card company. As long as you’re not in the know-how, they can make you slaves the rest of your life…a slave to bad debt.
I’m glad you’re taking the first step by asking questions such as this and sharing it. You can take back the reign and instead of being a slave to money, learn how to have money work hard for you. First you need to change your words, and seek financial education. Glad you’re learning, keep going you’re going to make it.
Congratulations on reaching out for help. I’ll do my best to provide advice, having spent over 20 years in the financial services industry, including as an executive in credit cards.
I suggest you seek out a non-profit credit counseling organization to help you set up a budget and pay off your credit card. You will need their help renegotiating your debt. They should be able to help you lower your monthly payments, stop the addition of new penalty fees, and workout a payment schedule.
It’s also important that you get the help and support you need to stop using credit cards altogether so that you don’t have the temptation to go further into debt, or rack up new debt once this is paid off.
If you stick to debit and cash, then you can’t spend more than you have.
That will be key to improving your situation. Then your goal should be to start saving a little bit each month, so that you can become financially stable and have some funds in reserve in case of an emergency.
I’m providing a link to a Government of Canada website that can help you learn how to be smarter about managing and saving money.
Good luck!!