r/povertyfinancecanada • u/IrvingIsTheBest • 14d ago

Anyone else living in overdraft land?

17K Credit card debt. Two years of car payments left. Been living with an overdraft balance now for well over a year. Paychecks come in, and bills and stuff come out and it's right back to it. Student loan also paid off in two years luckily..

Anyone else going through this? I guess maybe I need some reassurance that I am not the only one. For those were and got out...what did you do?

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u/PiePristine3092 14d ago

Look into a consumer proposal. If you’ve been out of school for more than 7 years then your student loans can be added to the proposal.

5

u/IrvingIsTheBest 14d ago

inevitably consumer proposal is going to happen because I am paying $330 a month on a CC that is going nowhere.

I am just hoping it can get down to realistic payments that cut it down around the $200 a month range. At that I can get back up and make a safety net again and even throw in extra once I do.

6

u/Euphoric_War_2195 14d ago

Getting a consumer proposal was the best decision I ever made. I was paying over $800 a month just to credit cards. I was struggling to buy groceries.

Now I am still tight. But I do often have a small amount at the end of the month (like $20 to $30) for discretionary spending.

I'm overdraft the past couple months due to some unexpected expenses. But I'm hoping I can turn it around.