Credit card debt is an example of unsecured consumer debt, accessed through credit cards. When a consumer has been late on a payment, it is possible that other creditors, even creditors the consumer was not late in paying, may increase the interest rates the consumer is paying. This practice is called universal default.

If you're like most people you've asked yourself, can I ever get out of credit card debt? the answer is YES! What it's going to take though is determination. If you have that, you can eliminate your credit card debt.

Although it is hard to eliminate your credit card debt, it is not impossible. What it is going to take is a plan and you are going to have to stick with it.

Read the whole article on "Credit Card Debt - Can You Ever Eliminate It?." Here is the link: http://www.cma1.ca/699

I agree with the previous posters Ottawa_chap... This debt will not go away and if you don't pay your bills your credit score will go into the toilet for six years.

My recommendation is to call up all of your creditors and tell him the truth about what's going on. There are different options to follow based on your ability to pay your bills, debt settlement, bankruptcy,

by calling the creditor you can keep in touch with them and let them know what's going on with your cash flow. If you don't keep in touch with them they will start the collection calls, and treat you as a deadbeat.

hello there,

if you have any problem about credit card application, you can visit this link about applying for a credit card in Canada. maybe this article can help you with your concern and will also educate you more about the process of card application.

here is the link for applying a credit card:
/archives/2010/4/apply+for+credit+card+in+canada.html

so you mean i have a bad record on my credit history for 6 years or more? would it affect and influence my chance of getting approved on my credit card applications?

is their another way in which it wont reflect on my credit report?

hi..

you have mentioned that there are other options to get rid of a debt. what other options could i resort to if declaring for a bankruptcy is not a good choice? can you give me some options that could help me.

i do have a debt that i can't pay at the moment but i don't have a definite idea when will i be able to earn some cash. this debt has been for 6 months now and the charges are building the amount more that i need to pay off from the credit card company.

please guide me through the process of solving my problem. i would appreciate any help from you or even just an advice.

thanks..

Technically the debt never goes away, but it will drop off your credit bureau files after 6 years. Also, the creditor has only 2yrs to sue you from the date of default/last acknowledgement of the debt. To read up on BC's limitation's act, go here:

http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/00_96266_01

Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace