Welcome to Canada's Favourite Questions and Answers Community, where you can ask practical questions and get sensible answers from people in your city and province. Do you know an answer? It's free to answer and help someone without the need to register or login.

How to be free from credit card debt fast and start building a strong credit score?

0 votes

Having made some bad financial choices in the past, i am left with a big credit card debt. The credit card company charges a high interest rate and it seems like it is going to be a very long time, before i can fully pay off my credit card debt. I know it can be tempting to use credit card for daily purchases and sometimes the big extravagance impulsed purchases, but as a human it can be hard to not use the credit card limit money when it is available.

There were times when i missed a few minimum payments as mentioned in the credit card bills and i believe my credit report must not be looking good now. Although it didn't go to the credit collection agency yet, i am afraid not to make the minimum required payment as required by the credit card billing. I know some guy who have had really bad credit history record and when it was time for him to apply for a mortgage to buy a house for himself, the banks mostly rejected him right away after checking his credit history. From what i know, it is going to take him at least three years to build back his damaged low credit score to a decent enough credit score to buy a house with mortgage. The same goes for him when he will be applying for a car loan, he is definitely gonna have a tough time getting the car loan, unless he as a high down payment. Even then, the car company will struggle to give him the car loan if it can be approved at all.

Credit Card Debt

asked in Labrador City by Nicole Burnard (102 points)

Your answer

Your name to display (optional):
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

Related questions