7 Things You Can Do When You’re Debt Free

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When you’re struggling with debt, it can be difficult to gain perspective and see further than just the next day of making payments. Debt is one of the most difficult challenges you can face in your life, especially if you’re insolvent and facing bankruptcy or going through the Consumer Proposal Process.

If you’re under financial duress and need help doing a Consumer Proposal in Toronto or the GTA, visit one of our offices near you. With locations in North York, Scarborough, Mississauga, Brampton, Pickering, and mid-town Toronto, the help of our Licensed Insolvency Trustees is never far away.

A Licensed Insolvency Trustee at David Sklar & Associates can help put you on the track to financial freedom with a Consumer Proposal and credit counselling services.

For those of you who need some encouragement along the way, these are 10 things you can do with your life when you become debt free.

#1 Work Less

Sick of working overtime or taking on extra work so that you can pay down your debt? When you’re debt-free, you’re only paying for the money you spend now, not the money you spent a year ago. That means you can take more time off and work a more relaxed schedule.

#2 Find Your Passions Again

One of the biggest stresses our clients at David Sklar & Associates go through when they’re in debt is time constraints. Debt doesn’t just mean you’re tight financially, it means you’re tight with time as you cut down expenses and try to work extra hours. That doesn’t leave a lot of time for your passions, whether it’s a hobby, a musical instrument, or a sport. Having more money won’t necessarily make you happier, but more free time will.

#3 Start A Real Savings Account

When you’re in debt, paying it off is always your priority over saving. With your debt eliminated, you’re free to start saving your money. Start an RRSP, a back-to-school fund, a mortgage fund, or start thinking about a way to reward yourself for becoming debt-free.

#4 Go On Vacation

One of the most toxic things you can do for your financial situation is going into debt you can’t pay back to cover luxuries like holiday gifts or vacations. When your money is your own, you can save and pay for your own vacations to whatever destination you desire.

#5 Make Choices With Your Money

This may seem surprising, but making choices with your money is often the hardest part of going debt free. After spending years paying down your debt, it can be overwhelming to have options.

#6 Borrow Money for Less

Just because you’re debt free now doesn’t mean you’re never going to borrow again (though many do put extra credit cards to rest). When you have a better credit score, you qualify for lower interest rates, which saves you money on car loans, mortgages, and more.

#7 Stop Feeling Anxious

When you’re debt free, you have more room to breathe. You’re not anxious about missing a payment or staying up all night wondering what will happen if your income shrinks. You have more room to make mistakes and recover.

If you’re ready to start living debt free and enjoy these perks, contact us. As Licensed Insolvency Trustees, we can reduce the debt you have to pay, stop collection calls, and help you on the path to financial freedom.

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. 

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I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
David
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
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