For Canadians juggling multiple maxed-out credit cards, the instinct in a moment of panic is usually to try to fix everything at once. Yet financial experts say that instinct is not one to follow, and it’s often the reason debt problems drag on longer than they need to.
“First, take a few deep breaths, as this is a stress situation,” said Stacy Yanchuk Oleksy, CEO of Money Mentors, a non-profit credit counselling agency.
Once a person feels more grounded, she said, the real work begins: figuring out precisely who is owed what. That means pulling actual statements rather than guessing. “Real numbers can help you find the right solution for your debt,” she said.
Becky Western-Macfadyen, manager of education and financial coaching…