| Do you wake up at 3:00 a.m., worrying about how | | | | What's the scary total? Don't pass out; congratulate |
| you're going to pay your bills? Or maybe you're not | | | | yourself. Because you've moved to cash-only |
| paying your bills at all. Maybe you're just shuffling them | | | | purchases, you've just subtracted that amount from |
| around-paying one debt by creating another-usually | | | | monthly mounting debt. See how much free cash |
| using a credit card (or four, or five, or six of them) to | | | | you've suddenly discovered? |
| bail you out. A bit of a merry-go-round, isn't it. But your | | | | Now. Make a list of every debt you have, credit cards, |
| life does not have to be that way. There are | | | | in-store accounts, rent-to-own agreements, you name |
| alternatives to the nightmare of ongoing credit card | | | | it. List every one of them. List the highest interest |
| debt. So you can get a good night's sleep. | | | | debts first. Those are the ones you're going to pay off |
| First things first. Take out your credit cards. Do it with | | | | first, using the money you're no longer spending on |
| your partner or spouse, if they've got cards too. Even | | | | overdrafts and exceeding your credit card limit. See |
| get the kids in on it. Make it a family challenge. Then, | | | | how that works? |
| cut every card up. Yup. Gulp. Take a deep breath, and | | | | Still not enough? |
| just do it. Including, by the way, your debit or cash card. | | | | Consider your assets. If your debt is that bad, you |
| From here on in, you're paying with real green and | | | | need fast action. Think about using your car, or truck, |
| green alone (that's the colour of cash, by the way, if | | | | or whatever you drive, to get a car title loan. It can help |
| you've forgotten) for every purchase you make. | | | | you get a jump on those bad credit cards, and help |
| Next step. Go through every credit card bill, and every | | | | you get your debt repayment under control. Instead of |
| bank statement, and add up only these fees for the | | | | paying high interest rates on three, or four, or more |
| past 30 days: | | | | credit cards, you can pay one easy monthly installment. |
| 1. How much have you been charged just for | | | | Right now maybe your credit is so bad you think you |
| exceeding your credit card limit-not the interest you're | | | | couldn't even qualify for a car title loan. But that's the |
| also being charged-on every card you carry (you | | | | best part. A car title loan is especially developed for |
| know you're over on every one of them) | | | | people like you with bad credit, low credit scores, or |
| 2. How much have you been charged for exceeding | | | | even bankruptcy. It works because you use your car-if |
| your chequing account limit-that is, drawing on the | | | | it's less than eight years old and you own it-as |
| overdraft (or is your credit so bad, your cheques are | | | | collateral against the money you borrow. |
| just flat-out bouncing-then add up those charges) | | | | And, because you've qualified for a loan, and make |
| 3. How much has the bank charged you for exceeding | | | | regular payments, it can help you improve your credit |
| your allotted number of debit card withdrawals this | | | | score, and get you back on the very merry-go-round |
| month ('cause you know you use that baby like there's | | | | of good credit. And back to sleep at night. |
| no tomorrow). | | | | |