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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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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