451 – Minimum Debt Payments Going Up - What Do You Do?

According to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today’s podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion!

Related Links:

TransUnion Q4 2022 Release: https://newsroom.transunion.ca/credit-health-in-canada-remains-steady-despite-high-interest-rate-and-inflation-environment/

Podcast Ep 352 - The Minimum Payment Lie: https://youtu.be/6nbkc8UBW54

Minimum Payments on Credit Cards Are Keeping You In Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/

Maureen Parent on Twitter: https://twitter.com/MaureenParent7

Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/