The 24-year-old says he has about $15,000 in credit card debt, not including student loans.Frankie is worried his financial situation will impact his future and wants to get in control of his expenses and eventually get to a place where he has “a few thousand dollars, at least, in my savings at all times for emergencies.
Frankie earns $53,000 a year and lives in the Fort York neighbourhood paying $900 in rent. During the week he often buys breakfast at Tim Hortons and usually orders fast food for lunch. Over the weekends he admits to overspending on drinks, takeout and nights on the town, often spending as much as $250 on a single night at a club.Can he achieve his goal of paying off his credit card debt and saving for the future?Objective Financial Partners.
Sometimes, ignorance is bliss, but debt cannot go away on its own. Credit card interest also has a way of creeping up on you — way up, in fact. A credit card debt at 18% interest can double in just 4 years. He spends a lot of money on convenience — but that can add up. And if he does not get on the right track, he could spend years trying to pay down his debt in the future. Short of getting a part-time job, Frankie should be looking at ways to cut his costs. Breakfast might only cost him $15, but if it’s $12 more than he would spend on breakfast at home, that is hundreds of dollars a month that could go to debt repayment.
Only if PierrePoilievre is elected. Never happen with a liberal government taxing the shit out of him
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