Debt Free in 30

536 – How to Handle Maxed-Out Credit Cards


Listen Later

Is the thought of maxed-out credit cards keeping you up at night? This guide unpacks the pitfalls of credit card debt and offers clear strategies to break free from the cycle.

Doug Hoyes and Ted Michalos discuss why your credit utilization rate matters, how many credit cards you should really have, the pros (but mostly cons) of opening new credit accounts, and the best options when you’re in a pinch.

(1:45) – What’s the problem with maxing out your credit cards?

(4:00) – How a credit card should be used (cash substitute vs. borrowing tool)

(5:00) – Credit limit, available credit, and utilization rate – what’s the difference?

(7:00) – Strategies for a maxed-out situation: Short-term fixes that work.

(8:45) – Taking out additional credit cards: A double-edged sword.

(11:15) – Should you have one or two credit cards? More?

(14:30) – Signs your financial situation is serious: When to seek help.

(16:15) – Practical advice for maxed-out cards

(19:30) – The downside of debt consolidation loans

(23:40) – Can calling your bank help? Exploring referral programs and renegotiation.

(27:00) – Consumer proposals explained: Why creditors accept less payment.

Learn more from Hoyes Michalos: Budgeting Course Sign Up for Our Newsletter HERE Should You Pay Credit Card Debt With Another Credit Card? Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here

Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

 

...more
View all episodesView all episodes
Download on the App Store

Debt Free in 30By Doug Hoyes

  • 4.2
  • 4.2
  • 4.2
  • 4.2
  • 4.2

4.2

65 ratings


More shows like Debt Free in 30

View all
Money Girl by QuickAndDirtyTips.com

Money Girl

1,846 Listeners

Build Wealth Canada Podcast by Kornel Szrejber: Investor

Build Wealth Canada Podcast

12 Listeners

Everyone's Talkin' Money by Shari Rash, Money Podcast for Women, Personal Finance, Relationships & Mental Health

Everyone's Talkin' Money

641 Listeners

More Money Podcast by Jessica Moorhouse

More Money Podcast

118 Listeners

Frugal Friends Podcast by iHeartPodcasts and Jen Smith & Jill Sirianni

Frugal Friends Podcast

1,193 Listeners

Get the Hell Out of Debt by Cloud10

Get the Hell Out of Debt

210 Listeners

Stress Test by The Globe and Mail

Stress Test

16 Listeners

The Canadian Investor by Braden Dennis & Simon Belanger

The Canadian Investor

80 Listeners

Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans by Vanessa and Shana | Budget Besties | Bougie On A Budget | Dave Ramsey Fans

Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans

236 Listeners

Inspired Budget by Allison Baggerly

Inspired Budget

298 Listeners

The Loonie Hour by Steve Saretsky

The Loonie Hour

10 Listeners

The Canadian Real Estate Investor by Daniel Foch & Nick Hill

The Canadian Real Estate Investor

8 Listeners

Angry Mortgage by Ron Butler

Angry Mortgage

5 Listeners

Budget Effect: How to Budget, How to Pay off Debt, Save Money, Live on a Budget, Improve your Money Mindset on a single income by Erin Britt | Budget Strategy Coach

Budget Effect: How to Budget, How to Pay off Debt, Save Money, Live on a Budget, Improve your Money Mindset on a single income

53 Listeners

The Wealthy Barber Podcast by The Wealthy Barber Inc.

The Wealthy Barber Podcast

30 Listeners