110 - How Credit Cards Can Become a Problem

DebtMatters Podcast

Consumer debt in Canada is on the rise as many Canadians are using their credit cards to alleviate some of their financial pressures. This reliance on credit cards is driving many further into debt as they lose the ability to pay credit off. Inflation has driven prices of nearly everything up and rising interest rates are making it more expensive to carry credit card debt. If you are carrying credit card debt, know you are not alone and there is help available.

It’s pretty difficult these days to live without a credit card. They do make our lives simpler and purchasing things more convenient.

Daniel Maksymchak, Licensed Insolvency Trustee talks about when credit cards become a problem and how they have become the primary form of unsecured debt.

Other topics covered are:

• The advantages of having a credit card and your credit rating
• Consequences of low minimum payment requirements
• Balance transfer offers with lower interest rates
• Benefits and disadvantages of supplemental credit cards
• Filing joint Consumer Proposals and Bankruptcies
• Why cashing in assets to pay down debt is never a good idea

If you are stressing over your finances, speak to a Licensed Insolvency Trustee (LIT). They can help you take back the control of your finances and break the cycle of debt. LIT’s are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.

About Daniel Maksymchak

Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.

Additional Resources

• LCTaylor Licensed Insolvency Trustee
• Is Your Credit Card Debt Getting the Best of You?
• 4 Steps to Credit Card Debt Help