The average credit card debt of a US household is over $15,000. That is a lot of money! Our neighbor to the north is in even worse shape in that an average Canadian household owes nearly $27,000 in credit card debt. Credit card debt can become an overwhelming problem if you don’t take care of it early because of the high interest rate. It’s best to avoid credit card debt so you don’t build up a balance, but if you already owe money, then here are 5 ways to get rid of your credit card debt.

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  1. I didn’t agree with the original article’s $27K remark about our country’s debt but sad to say i think it may be true because we make it much easier to not only get credit but also much easier to use it. We have better technology to make it much easier to swipe and go of purchases. You don’t see that as efficient in the U.S.

    For example, they still have to sign credit card purchases while we have moved on and just punch in a PIN #.

  2. It’s all about utilization ratio people! That is, the amount of debt to credit limit. The higher your utilization the lower your credit score. And the lower your credit score the higher your loan rates will be, and the more money you pay to get them.

  3. My problem is i never realized how much credit card debt could affect you until much later on. I just thuought i could just "kite" (transfer credit from one card to another) and be ok forever. Not a chance. I now look to keep levels in check by monitoring what i buy.

  4. That’s the biggest no-no. Everyone thinks you only need to pay the minimum and you are good to go.

    Cant be further from the truth. I always pay off my entire balance before the grace period ends. I have not paid interest for over 10 years.

  5. This is why i always pay with cash. If i dont have cash to buy something i just don’t buy it. End of story.

  6. Canada has a way of boring against a Registered account (RRSP) but it is for specific things such as first-time buyers. It’s a great idea and i believe you can take out up to $20-30K which has to be paid back into your registered account within a few years.

  7. Is it bad for me to admit that i dont have $500 in my own name? I have been denied a credit card and have been offered a secured card but i wish i had one because i feel i am missing out on so much. I might have to get older i guess (i am only 20).

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