Thanks, greysyl. I have been paying small amounts every month cause the bank has been reminding me. It's just not fast enough and I just want to get done and over with it. I get 10% interest every month. It's still okay.
Hi Elycia it might be worth it to obtain a copy of your credit report. Even if you have cancelled your cards if there was an outstanding balance on your card the lender will still have to maintain their reporting on your credit standing. If you are making regular payments even if they are small, this would count in your favour. The end result is you want them to continue to do the reporting and especially the final reporting once you have paid your bill in full to show 'Paid in full as agreed' and this will definitely improve your score.
The other thing to keep in mind with creditors is you always want to pay something even if it is only $5 or $10 a month. As long as you continue to make regular payments there is no legal action that they take on you for non-payment. They could however offer you a settlement amount to clear your account and this is generally less than your current amount owing, or it could be a freeze on interest accumulating.
Keep your chin up girl, there are better days ahead, you just have to keep going forward!
This is a very interesting post. For me, I don't think I have a positive credit rating. I cancelled my credit card but I'm still in debt. Too many commitments in life now. It used to be so easy to pay up. Now, everything just keeps snowballing at me.
So I decided to review a Canadian budget platform [certainly not my first, but I like to see what is out there]. I find it difficult to use most of these platforms as they all have the same claim to fame 'A Budget That Works For You'. Again they did not disappointment me.
The advantages of this one included:
- a downloadable excel work sheet
- already populated with income and expense
- drop down menu for bi-weekly, monthly, annually
- auto calculations
- auto guideline spend... [Read more]
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