STOP The Debt Shaming!

Are you deeply in debt? Is that debt constantly growing and you can't seem to stop it? Are you ashamed that you have gotten yourself into this position?

 You are not alone. 73% of adult Canadians have credit cards and the average is 2.2 per household. You might have more - as of October 2014, 72 million Visa and Mastercards were in use in Canada. In December of 2015, spending on these cards increased by 5.29% over the previous December. 

 For the last quarter of 2015, spending on credit cards rose 7.16% over the spending in 2014. Credit card debt accounts for 5.4% of total household debt in December of 2014 and 46% of Canadians have credit cards. (source: http://canada.creditcards.com/credit-card-news/canada-credit-card-debit-card-stats-international-1276.php)

 1 in 10 Canadians are ashamed of their debt.


Are you 1 of the 10 Canadians who feel ashamed by their debt?

 Shame can manifest itself in many ways. Perhaps you don't discuss your debt. At all, with anyone. Maybe you ignore the problem, hoping it will resolve itself. Or you may verbally lash out at anyone who dares mention debt to you.

 This is a stressful way to live. Even though you are too ashamed too admit your debt, it weighs on your mind constantly. If you are at work, out with friends or relaxing at home - that stress is always there. It may cause you to do some stuff you wouldn't normally like drink too much alcohol, gamble excessively, eat too much, buy too much stuff you don't really need - all in an effort to feel better.

 It doesn't work in the long run. Pretty soon, those negative feelings return causing you to return to the self destructive habits. This in turn can destroy relationships, harm your health and generally make your life miserable.

But you know there is a way out. 

If you feel that you are ready to gain control of your debt, then stop trying to figure it all out on your own and make sure you don’t go another year without gaining control —click here
 
I might be able to help you by supporting you through the 5-Step Financial Stability program that I have used to get control of my financial situation. click here

To your success, 

Karen Magill 

P.S. It is NOT right for everyone – but if you feel having me working with you almost “daily” & giving you a proven step by step system to follow will help you get your  finances and life back on track then for more details. - click here 

Comments

Post a Comment

Popular posts from this blog

Do You Remember Your First?

Image
Do you remember when you got your first credit card? The excitement you felt? The urge to go out and buy something on it right away? Did you take your friends or family out for dinner to celebrate or was your first card a store card, like mine was. When you got your first statement in, did you casually look over the amount owing and just fixate on the minimum payment required? Hey that isn’t too bad, is it? I can afford that! So did you do like I did and keep spending? Then one day you realized that casually looking at the amount owing wasn’t going to work anymore – you can’t ignore it any longer. But what happened? You have been making the minimum payments, haven’t missed one, and you aren’t using the card that much so why doesn’t the amount owing get smaller? That’s an easy question to answer. Very little of the minimum payment goes towards the principal debt; it is eaten up by interest. Interest is how the lending institutions make money and they are going to make sur...
Read more

Up and Down

Image
Interest rates go up and down, depending on what is happening in the economy.   When times are tough, interest rates go down to entice people who are apprehensive about borrowing money to get in debt. When times are good, the rates go up since people are more open to taking on additional liabilities to get the things they want. Rising interest rates can be good and bad. Especially if you have consumer debt. Credit cards take a beating – or a I should, you, the credit card holder – takes a beating. A card with a $10,000.00 balance and an interest rate of 16.83% could see an increase of $25 a month just on a quarter-point rise in interest rates. That’s $300 in a year all thanks to interest. Auto and student loans and mortgages on a fixed rate will not have a noticeable increase. Or at least they shouldn’t.   When the loans were taken out,   the rate of interest was fixed at that time. However, if you take out a loan when the interest rates are high, you are...
Read more