With debt elimination tips and cost cutting measures, we've been able to
manage our credit card debt very well.
Not exact matches
When your
credit card bills are shooting up and you don't know how to
manage your
debt it can be
very stressful.
Sure, one can formulate situations where you might earn a bit more by doing
credit card balance transfers or only paying the minimum on a
very low interest
debt, but those situations are few and far between, have other risks (such as unexpected changes to terms and conditions and a mis - step in
managing the accounts) and don't earn you a whole lot.
To avoid post-college
credit card debt, I only have a debit
card, though ill -
managed spending has caused me to overdraw my account once or twice — the overdraft fees acted as a sort of bank - backed payday loan at
VERY high rates (how about a $ 35 fee to draw $ 50)?
«
Credit card debt has a high interest rate by its
very nature and it's unlikely no matter how well you do in your RRSP or TFSA you'll beat [the rate on your
debt],» says Jamie Golombek,
managing director, tax & estate planning with CIBC.