Is the thought of your 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.

Timestamps:
(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
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Should You Pay Credit Card Debt With Another Credit Card?
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Hoyes Michalos YouTube Channel
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Hoyes Michalos Facebook
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Hoyes Michalos LinkedIn
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Straight Talk on Your Money by Doug Hoyes
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Find a Hoyes Michalos Office in Your Area Here
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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.

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