Talk to your Creditors
If you find that you are unable to make your minimum payments do not hide, hoping that your creditors will not notice. Take the initiative and talk to your creditors. Let them know you are having some short-term problems, that you intend on paying them back, but you need some leeway.
Review your Interest Rates
Review the interest that you are paying on each type of credit card that you have. These rates can vary widely from the Prime Rate to a whopping 33% on some types of debt. As a general rule, a line of credit has a lower rate than credit cards, and credit cards (Amex, Visa, Mastercard etc.) have lower rates than charge cards (Sears, Canadian Tire, etc.).
If available, consolidate (move) all your debt to your lowest available credit facility (i.e. Line of credit, term loan, credit card or other), or focus on paying your highest rate card first, reducing the balance as quickly as possible.
As a Licensed Insolvency Trustee, DEVLETIAN & ASSOCIATES INC. is available for a consultation when your efforts on dealing with your creditors fail. We can provide you with the option of a consumer proposal, or an assignment into bankruptcy, after which we deal with your creditors. Please contact us for your free personal evaluation and consultation.