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 worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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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
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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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
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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
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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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
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