What Impact Does Debt Have in Your Life?

Taking stock of the impact of debt in your life - might give you the push you need to commit to a debt free life.

In the first century BC, the Syrian writer Publilius Syrus wrote, “Debt is the slavery of the free.” Since Publilius was a slave who had earned his freedom – he understood what slavery was all about. His words contain an element of truth that we see almost daily in our offices.

Our clients who file for bankruptcy or consumer proposals often share with us the sense of relief they feel. They feel as if the burden of debt has been lifted from their shoulders and many get their first good night’s sleep in years. They are experiencing freedom from the tyranny of debt.

What impact does your debt have in your life?

1. Do you have enough savings to last you through six months of unemployment? Has debt removed your ability to keep your family safe in case of financial crisis?


2. Do you feel you owe so much money you will never be debt free? Have you been in debt for so long you think it is the normal way to live?


3. Do you scramble to make your monthly payments? Do you have so much debt that you cannot repay it in an orderly manner?


4. Do you ever miss your monthly payments? Are you unable to cope with unexpected costs and still take care of your debts?


5. Do you borrow money on your credit cards to pay other bills? Is your debt load pulling you into more, and more debt?


6. Have you used payday loans because you just could not make it to your next paycheque? Are your debts driving you to make poor money choices?


7. Do you avoid thinking about your debt – because it makes you feel powerless?

If you see yourself in, or heading towards, the situations described in any of the above questions - it is time to ask yourself one more question:

What are you willing to do to be debt free?

If you are fortunate enough to still be able to get yourself out of debt – you might start by looking at our free series on Budgeting. It will help you evaluate your existing situation and help you to set up a workable plan to get out of debt.

If your debts have completely taken over, and there is no way that you will be able to repay them, then it might be time to speak with a licensed Trustee in Bankruptcy. If you live in the Greater Toronto area – you can book a free initial consultation with David Sklar & Associates Inc by calling 416-498-9200. If you live outside the Greater Toronto area, find a local Trustee who will be able to assist you.

Whether you need the help of a Trustee, or you are able to get out of debt on your own – remember:

You can be debt free!