Paying off your credit cards? Here’s what you can do

by in KD Educational Corp.
Paying off your credit cards? Here’s what you can do
One of the many types of debts that you should get rid of first is credit card debt.  Credit cards, although extremely convenient to use, charge high interest rates if you leave balances on them every month.  It is very stressful, to say the least, to pay off these credit cards, especially if you only pay off the minimum amount required.  A 2016 TransUnion report on credit card usage says that Canadians are using fewer active credits than in 2015 but are also borrowing more on the ones they have.

Are you one of the many Canadians who have credit card debt? Are you having problems paying them off?

Here are a few tips on what you can do to pay off multiple credit cards faster:

1.    List outstanding credit card balances.
2.    Divide each balance by the minimum payment required.
3.    Do this for all your credit cards.
4.    List them in order of number of payments from lowest to highest.
5.    Apply your extra $10 a day to the one of the least amount of payments.

It is important to be diligent and patient when paying off your credit card debts.  There are many other ways to eliminate bad debts such as these.  Let KD help you! Contact us today! 
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.


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