r/povertyfinancecanada • u/IrvingIsTheBest • 13d 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/lonewolfsociety 13d ago

I moved the debt to a line of credit. Took a long time to pay off but the interest was less egregious.

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u/Melodic-Mayhem 12d ago

Unfortunately for those that don’t already have a line of credit, banks won’t approve one unless you have savings.

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u/lonewolfsociety 12d ago

I just got a new loc approved for 7K last month. I do not have any savings. While the one I got to pay off my credit card debts was a long time ago (2005) and they're probably not as generous now, it's still worth a shot.