The Ultimate Guide to Eliminating Debt: Eight Steps to Become Debt Free

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Many of the people we work with never imagined that they would be needing the services of a Licensed Insolvency Trustee. In this article, we will discuss eight steps to becoming debt free.

Our clients come from all incomes and walks of life. What do they have in common? Most of them experienced a major life crisis such as illness, divorce, or loss of income – that pushed them over the edge and into financial chaos.

There is little that can be done to avoid most of life’s painful events. However, by keeping your finances away from the ‘edge’, you will be in a better position to cope with the hardships that come your way.

Get out of debt as soon as you can. The longer you stay in debt, the greater your risk.

Eight Steps to Become Debt-Free:

  1. Be aggressive in your efforts to get rid of debt.
  2. Set up a plan/budget for getting out of debt. Stick to it and track it to monitor and encourage your success.
  3. Set up an initial emergency fund and only use it for real emergencies. When you are battling with debt, having money for emergencies will help you avoid using credit.
  4. Switch to a cash-only money management plan. It will help you to stay on top of your finances – and encourage you to think more carefully about your purchases.
  5. Constantly be on the outlook for ways to cut your expenses and increase your income.
  6. Once you are out of debt – increase your emergency fund to cover at least 6 months of expenses.
  7. Stay out of debt – live below your means, save as much as you can, and avoid using credit.

David Sklar & Associates

Residents of Ontario have had their lives turned upside-down by the pandemic of COVID-19. Here at David Sklar & Associates, we understand that many residents have been thrown into financial instability because of this health crisis and are concerned about what to do next. If you need financial help, we are still here for you. We offer over-the-phone consultations and electronic document signing so that you can access our services from the safety of your home. We want to encourage our clients to prioritize their health as best as they can during these uncertain times.

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 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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I am very excited for the helpful service I receive from David sklar &Associates Inc ! My experience with coronation she is a professional and skill person! We'll done ✔ thank you very much, Gw
garfield wallace
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Great and friendly staff. They went out of their way to help me with the process. David Sklar and Associates are more then professionals. Christine sylver helped me with every steps, everytime I asked for more help she was always there for me with a smile. Very professional and patient. I want to thank Christine Sylver for everything she did to help me through this process and by giving me a new start.
ray pat
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I was so nervous to go and then i met trina beautiful compassionate understanding trina how lucky for me what a professional thank you thank you
Penelope Mather
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It was easy to get everything started and I am happy that I choose you, thank you.
Marina Granado
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I came in with a lot of anxietyChristine SylverHernee Templonuevogave me the confidence I needed
George Carvalho
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A great place to find out the best way to remove your debt. I discussed my problem with a with a fantastic lady who's named Grace. This lady showed me a couple of ways to lower my debt and I chose one. Thanks to Grace one day I will be out of debt, but until then my spending without cause has come to an end.To the staff and especially Grace of David Sklar and Associates thank you.Bob Barnesi will be one day out of debt
Robert Barnes
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A wonderful experience with a very depressing financial situation.Cori is easy to talk to and understand, with what she is describing.
Verble Daniels
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The staff at David Sklar are absolutely life changing and phenomenal people to work with. They are a well dedicated team whose personal mission is to truly help you turn your life around. Don’t be afraid to call them. Don’t be afraid to be honest to ask for the help you need. Rest assured no matter your debt load they will assist without judgement and deliver with compassion the best way forward to legally seal your debts and give you a real chance again at life. I highly recommend their services. They changed my life. They will gladly help you too. My personal consultant Trina Powell is an incredible, smart, and extremely supportive ally. But know you’re in good hands no matter who they assign to help you. Change your life today and pick up the phone and call them you’ll only be sorry you waited so long.
Kelly Silke
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This was an is an excellent experience for me because I am now able to retire comfortable in five years an debt free. Life seems to now begin. I should have done this earlier. But I did not have a company to do a consumer proposal with that I trust. Thank you for saving me.
Carilyn HoseinAdams
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