If your debt load feels like it is too much to handle - you are not alone - many people at one time or another have gone too far into debt. Getting your debt load back into shape may take a bit of simple debt management – or it may take more. It all depends on how much debt you can really afford.

If you already know you have more debt than you can reasonably pay back and live in the Greater Toronto Area, contact the experts at David Sklar & Associates – Licensed Trustee - for a Free consultation to explore your debt relief options. Call us at 416-498-9200 to book your appointment – or contact us at your convenience. We are here to help.

Even if your current debt is manageable - will it be manageable if interest rates increase significantly or if you lose your job? Reducing your debt before it is an issue will increase your financial security and reduce your stress load.

Debt Management

Effective debt management begins with accepting the fact that you can manage your finances.

  1. Find out what your current credit rating is. It can be a bit scary if you have not checked it out before, but you really need to find out where you stand.
  2. Set up a budget. Do not miss this step - once you have done this, you will have a much better understanding of where your money goes, how much income you have – and you will have identified those areas you can improve your spending and saving in.
  3. Pay down your debts. Be smart in how you do this – your budget will help you to know how much you can afford. Keep all your payments on time as you pay off your debts. Usually it is recommended that you pay off the loans/credit cards with highest interest rate first.
  4. Cut your expenses. We have all heard about how cutting out the $5 per day latte habit that ends up saving over $1,200 per year. Look closely at what you are doing with your money – if you are not sure where all you money goes - keep detailed written records for a few weeks to find out. Leave your credit and debit cards at home. 
  5. Increase your income. This can mean everything from overtime, to a second job, to selling some of that unused ‘stuff’ sitting around your home – or in your garage.

Effective debt management can be your guide to a brighter, less stressful future – where you will be in control of your financial life and better able to pursue your dreams.

When Debt Management Is Not Enough

If your debts have taken over to the point where you are considering bankruptcy, it is recommended you contact a bankruptcy Trustee in your local area to discuss all of your options. With six offices in the Greater Toronto Area, David Sklar & Associates offers a Confidential & Free Initial Consultation to discuss your situation – and help you determine what your best option is. Call 416-498-9200 or get started with our Quick Assessment Form to book your Free Consultation with the experts at David Sklar & Associates.

David Sklar & Associates Inc - Greater Toronto Ontario Bankruptcy Trustee
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