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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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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