That number is up 6.2% in the US and 6% in Canada from 1 year ago. At this rate, it seems like more and more people are going to end up being owned by a tiny piece of plastic rather than the other way around.
How much have you or a loved one contributed to that number? Whether it’s $10 or $10,000, there are a couple simple tricks to get and keep yourself out of credit card debt.
The first step is to be aware of how and when you’re using your credit card. It’s so easy – especially on a night out when you’re trying to unwind – to mindlessly hand over your card to pay the bill. And for most people, paying with credit has become their preferred, if not exclusive, payment option. Dinner, drinks, Ubers, a concert, a movie, a sporting event – it’s going to add up.
And when that credit card bill comes, you could end up feeling more wound up than you did before you tried to unwind.
Paying attention to when, what for, and how often you hand over your credit card is crucial to getting out from under credit card debt.
Here are 2 tips to keep yourself on track on a night out.1. Consider your budget. You might cringe at the word “budget”, but it’s not an enemy who never wants you to have any fun. Considering your budget doesn’t mean you can never enjoy a night out with friends or coworkers. It simply means that an evening of great food, fun activities, and making memories must be considered in the context of your long-term goals. Start thinking of your budget as a tough-loving friend who’ll be there for you for the long haul.
Before you plan a night out:
- Know exactly how much you can spend before you leave the house or your office, and keep track of your spending as your evening progresses.
- Try using an app on your phone or even write your expenses on a napkin or the back of your hand – whatever it takes to keep your spending in check.
- Once you have reached your limit for the evening – stop.
You can still enjoy a night on the town, get out from under credit card debt, and be better prepared for the future with a carefully planned financial strategy. Contact me today, and together we’ll assess where you are on your financial journey and what steps you can take to get where you want to go – hopefully by happy hour!
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Business Insider: “Credit card debt hits $1 trillion.” 4.12.2017
Toronto Star: “Canadian household debt hits another record in fourth quarter.” 3.15.17