Location: calgary.ab.ca What I drive: E90M3 510 Wagon Posts/Day: 1.51
Trader Rating:(6) User Rating: 99%
It's hard to give you a very detailed plan without a lot more personal info... that you probably don't want to post online. I'd recommend talking to a professional, banks are usually brutal to work with unless you're bringing them new money
Location: Calgary What I drive: Posts/Day: 0.05
Trader Rating:(5) User Rating: 100%
I called my bank and they're willing to give me a personal loan. However, the requirement is that i cancel all CC's, and thats the only condition not acceptable to me.
I'm making payments and making extra payments as well. For the time being, my income isn't so high that i can just blast off the debt completely; but if/when i'm in better condition I would be doing that.
This is the first time i've ever accumulated debt on CC, otherwise I never had cc debt. I've had a CC since 18 and I always made sure to pay it off right away.
Location: Calgary, Ab What I drive: Old Honda Posts/Day: 0.10
Trader Rating:(0) User Rating: 100%
Its hard to give actual advice without knowing the full financial details. Go to your bank and flip the card to a low interest card immediately.
Most banks have one. If its TD its the emerald. You don't need a appointment, the teller can do it for you. Its just a button they press and signed form and that's it. This should be the first thing you do. Your bank who offered you a personal loan should have recommend this the first time. If they did not its pretty evident then they are not looking out for you. But then again its a bank, they would not.
If you close the card it may be really hard to apply for a new one in the future and past history is a indicator of future habits. They would be able to see your credit card debit, missed payments etc.
Basically credit is based upon four things, income, debit, savings and credit score. Thats why its different for everyone. The idea of going to a bank and they giving you a ULOC just like that does not work. The four factors are at play here.
You need to pay off the CC right away. I get the new job is not paying much. But draw up a plan with things you need to exist like food, rent, gas. Then focus on paying it right down.
Do not joke with credit card debit, ive seen clients get screwed over several times years later.
Last edited by tonytiger55 on 04-13-2017 at 03:26 PM
Location: calgary What I drive: OM642 Posts/Day: 0.29
Trader Rating:(10) User Rating: 93%
Shop around to a few banks as well.
I was in a similar spot in November, did some shopping and was able to get a consolidation loan through First Calgary.
That loan put me on track to have my debt completely clear by the end of this month!
Good luck man, with some discipline that debt will disappear quicker than you think.