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BDO Calgary

307, 3016 - 5 Avenue NE
Calgary, AB T2A 6K4
Canada
Phone: (403) 232-0688

The Benefits of Loving Your Credit Card Debt

Love is in the air this month, but surely we don’t want to extend it to our credit card debt — or do we?

Here’s the thing: if you’re stressed out about your credit card debt, it’s not just affecting your finances, it’s impacting the quality of your life. By changing your relationship with debt, you can find new ways to deal with it and eventually eliminate it altogether.

A recent Canadian Debt Survey conducted by Manulife found that 37 per cent of Canadians are always stressed, anxious or worried about their debt. For those carrying a lot of debt, 70 per cent of them are stressing about it all the time.

On average, Calgarians are carrying a personal debt load of $29,283 — not an insignificant amount of money.

It’s human nature to avoid dealing with the things that cause us to feel frightened and worried. It’s the “flight” part of our “fight or flight” response. But when it comes to credit card debt, there is no magic wand. We have to take action and put a plan in place to get rid of it.

That’s where showing your credit card debt a little love can make a big difference. Here are some ways to get closer to your debt, learn to manage it and find relief.

Spending time with your credit card debt helps you understand your situation

Instead of hiding from your unpaid credit card balances, schedule a few date nights for just the two of you.

Find a comfy, quiet spot and review all your financial statements: bank, credit card, paycheques and bills.

If fear or shame come up, try to just let those emotions go. This date is to get to know your debt. All you’re doing is gathering information.

Schedule ongoing, regular dates for you and your debt. You can use these blocks of time to learn about and implement financial management tools, like budgets and goal-setting worksheets. Why not review our debt management tools to see what will work for you?

Talking to a professional can save your relationship

If you’re struggling to keep up with your credit card payments or constantly feeling very anxious about debt, it’s time to talk to a Licensed Insolvency Trustee (LIT).

There’s no reason why you have to feel alone when it comes to dealing with your debt. Think of an LIT as a relationship counsellor, giving you the information and tools you need to improve your relationship with money.

You have many options, including debt consolidation, consumer proposals and bankruptcy. And if you’d like to break up with debt forever, an LIT can help you do so by showing you ways to implement money and debt management tools that suit your finances.

Keeping credit card debt secrets? Honesty clears the air

Did you know that 32 per cent of Canadians are hiding their credit card debt from their partners? Are you one of them?

If people can’t be honest about their financial situation, they tend to feel guilt and shame. The more secretive they become, the harder it is, emotionally and mentally.

Keeping financial secrets can hurt your personal relationships. By paying closer attention to your credit card debt, you can start being more honest about your situation and clear the air for healthier relationships.

Worrying about overwhelming personal debt doesn’t change anything. If you want to create change, you need a plan. For example, in her blog And Then We Saved, Anna Newell Jones recommends going on a spending fast to get out of debt faster — a tool you might be interested in using.

Changing your relationship with credit card debt from one of worry and fear to a more positive, mindful one will benefit your overall relationship with money, and your relationship with family and friends. Schedule your first date with debt today so you can start creating a healthier financial future.

What’s your relationship with debt like? Tell us on Twitter. #LeaveDebtBehind #LoveAndMoney #LITsCanHelp



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