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 had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
Lisa Gomez
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Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
Richard Hong
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Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
Jay Mil
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Everything went well. I will update in 5 years
Trisha C
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My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
Angie
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A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
Dennis Armstrong
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Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
Kelley Roberts
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David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
Nhie GU
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Reduced my stress and gave me a second life. Sincere heartfelt thanks to the team.
Selvaraj Dhanagopal
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I am very pleased with the experience with your company. Great customer service and very professional. They made me feel like dealing with caring and friendly people. Jackie is a sweet lady. All of them very helpful.
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