5 Tips For Living Debt Free In Toronto

Table of Contents

Do you lose sleep over the amount of debt you’ve accumulated and can’t see a way out? Do you dream about living debt free in Toronto and finally start saving for your retirement?

Living debt free in Toronto is a realistic goal, but how you get there depends a lot on how much debt you have and what kind.

At David Sklar & Associates, we help people who are in over their heads. We file Consumer Debt Proposals and bankruptcies for individuals and businesses who can’t keep up with their payments.

#1 Pay The Full Balance On Credit Cards

Credit card debt is one of the quickest ways to find yourself in trouble with unsecured debt, as credit cards come with high interest. When you pay the full balance on your credit card, you’re not paying any interest, and it effectively works like a debit card that helps you build your credit score, rather than hurting it.

#2 Never Use Payday Loans

As Licensed Insolvency Trustees, here at David Sklar & Associates we often encounter individuals who have gotten into trouble with debt by relying on payday loans. Payday loan usage among Canadians has doubled in the last five years, and Canadians’ debt loads have likewise increased to alarming amounts. Even more troubling, just under half of people who use payday loans don’t understand the interest rate they’re being charged. You may feel like you need the money, but stop for a minute and calculate the actual interest rate before you borrow. It will only put you in a tougher financial situation later on.

#3 Never Borrow For Living Expenses

Living expenses are predictable costs, and cutting them down can be painful. If you find yourself relying on credit cards or payday loans to cover everyday expenses, you need to trim down your lifestyle. For some, that may be as easy as controlling impulse shopping or heading to the No Frills instead of Loblaw’s, but for others, it may mean downgrading from your home to a condo or a rental, or trading in your car for a subway pass or the GO train. Given the average of cost of operating a car, and the high cost of parking in downtown Toronto, if you commute 20 km 5 days a week, you could save $300 a month by switching to public transit.

#4 Don’t Use Debt Consolidation

Debt consolidation lenders advertise aggressively to “help” people buried under debt. Here’s how it works: a lender like a bank or debt consolidation company lends you a lump sum to pay down all your credit card bills, payday loans, and other unsecured debts. But, debt consolidation can get you into even more trouble down the road, with interest rates as high as 30 percent. You can quickly find yourself buried, and you may need debt consolidation loan help. A better alternative that we can help with at David Sklar & Associates is a Consumer Proposal: a legally binding renegotiation of your debt with all your unsecured creditors.

#5 Save For Your Retirement

The secret to long-term financial success is saving for your retirement, something only half of working Canadians do. Once you leave debt behind, you can start investing in your retirement by opening an RRSP or investing in property.

If you’re ready to start living debt free in Toronto, check out our blogs for advice on handling debt of all kinds, including payday loans, CRA debt, mortgages, and more. Debt consolidation may be the answer, while a Consumer Proposal can help get you out of dire circumstances. The answer might be as easy as curbing your spending. Ask us about Consumer Proposals and credit counselling to restart your financial future.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
1695320109
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
1695089142
They made a difficult situation, easy thank you.
Ray Barkley
1694806611
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
1694804075
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
1694799042
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
1694670814
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
1694547608
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
1694534757
Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
1694533927
Rhoda, Jerry, and the entire David Sklar & Associates Staff were very professional and were great to work with. They taught me a lot regarding financing and I would recommend them to anyone facing financial troubles as well. Rafael L
Medanun
1693930422
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us