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BDO BelleVille

310-100 Bell Boulevard
Belleville, Ontario
K8P 4Y7
Phone: (613) 966-8052

How to Break up With Credit Card Debt

You and your credit cards had a good run, but your debt is dragging you down. Time to move on and ditch the debt by breaking up with those pesky monthly payments. How? Let’s dive a little deeper into what you need to know so you can move on to a healthier relationship with your money.

  1. Make it official. Your relationship with debt has become stagnant and you find yourself more and more agitated at the thought of it. Sounds like you’re ready for a change. If you’re ready to be done with debt, cut up those cards or put them on ice to avoid the temptation to keep going back. Then, spend some time going over exactly what you owe. Yeah, that’s never fun but it’s an important step in moving on.
  2. Form a new routine. Sure, debt was there when you booked that last-minute vacation to Cancun or made those late night Amazon purchases. But was it really worth the stacks of bills that followed? Probably not. Here are some ways you can avoid falling back into the arms of credit card debt:
    • Follow a budget. Use an app like or GoodBudget to keep your spending on track. Once you’ve got the hang of it, you can reduce spending in some areas and boost your personal debt payments.
    • Automate your bill payments. Don’t pay more interest than you need to! Set up automatic billing from your bank account so you have less to remember each month.
    • Start saving. Many Canadians are lacking in this department, which is why you should make it a high priority. A savings account will keep you afloat when expenses come up, and keep you prepared for those big and small purchases throughout the year. The best part? You won’t be relying on credit card debt!
    • Find a method that works. Use a DIY debt repayment method to pay off debt faster than minimum payments. Use this debt calculator to see how much you should be putting toward your debts. Then, use the debt snowball or debt avalanche methods to squash those balances fast.
    • Change your habits. Unsubscribe from those tempting store emails, refuse to use one-click-checkout, and ditch that daily $7 latte. Instead, form healthier habits that keep your goals in focus.
  3. Talk to someone who understands. Feeling overwhelmed with your consumer debt and want to find a way out of the relationship? A Licensed Insolvency Trustee or Credit Counsellor can help you find the tools to move on from your debt, once and for all. With helpful solutions such as debt consolidation, budgeting advice or, a more formal solution such as a consumer proposal, you’ll soon be on the road toward a debt-free life. Want to see your options before making the call? Use this debt options calculator.

Don’t keep making excuses to stay with your debt. Ditch your credit card debt once and for all so you can feel free to spend and save without those annoying monthly bills.

Ready to make the change and break up with your credit card debt? Tell us your debt relationship story or join the conversation on Twitter, using the hashtags #LeaveDebtBehind #RelationshipWithMoney #DebtAdvice

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