First comes denial...
Credit cards have this sneaky way of keeping us in debt, and even encouraging overspending. In fact, people spend 12-18% more when using credit cards*. They’re what’s considered “revolving debt” - meaning you can continue to spend what you pay down. If you’re like 46% of Canadians who carry a credit card balance every month*, you’ve probably experienced what we like to call... The 5 stages of credit card debt. Giphy Stage 1: Denial Your bank upped your limit...you’re feeling super rich. You can totally handle this extra room on your card like an adult. Right?? Giphy Stage 2: Anger Okay the extra limit maybe got the best of you. You “accidently” balled out on VIP Drake tickets...oh and that brand new outfit to wear to the concert too. Oops. SH*T! You know you’re maxed out and you won’t be able to pay the balance off this month. We probably shouldn’t mention that maxing out your credit card wrecks your credit score as well… Giphy Stage 3: Bargaining Okay okay...what if you can just majorly cut back on everything else this month... You consider eating only instant noodles,