Helping you get out of Debt (Part One)

Get out of debt

In this multipart series, we will look at ways of helping you get out of debt.

Paying more than the Minimum amount

To help getting those loans or credit card debts paid down faster, paying more than the minimum payment per month will help you. With a large loan and making only minimum payments it can take much longer to pay it off.

In a recent article, we showed you how a $10,000 credit card at 19.99% will take 109 months to pay off when you pay only $200 per month. Increasing the monthly payment by $100 to $300 per month will pay off that debt in 50 Months, under half the time. The more you can pay on your loans per month, can help decrease the length of time of the loan, and the amount of interest you are paying out.

See our article on how much interest am i paying on credit card to see how changing your monthly payment amount makes a difference. Every extra bit going towards paying off your debt will make a difference.

Spending Less

If you are spending more than you make per month, your debt will continue to increase and you will need to get this under control. Knowing your monthly expenses and having a plan in place for your allotted expenses is a start to helping see how much you are able to spend, while not gaining extra debt. Spending less than you make is the goal here. If there’s something you want to purchase, make sure you have the available funds to make that purchase without putting it on credit.

Our monthly spending chart http://davidsklar.com/blog/monthly-spending-plan/ is designed to help give you the starting place to see all your expenses, and to help see how much you have available for certain allotted expenses. This can help to let you know what you can and cannot afford. Look for expenses that can be reduced or taken out altogether.

Paying Off the Most Expenses Debts

When you have multiple debts you are paying off, it can be a bit overwhelming on what debt you should focus on more, or if you should just pay all at the required minimum monthly amounts. One option that you can choose for multiple debts is to choose the debt that has the highest interest rate. The higher the interest rate, the more you are paying on that loan in interest payments. Work towards paying this one off the fastest and first. Note that it is always important to pay all of your debts each month in order to keep a good credit history. Don’t miss any payments.

Once you have the first debt paid off, you can then work on using that money to pay down the next more expenses debt that you have. Getting your first debt totally paid off will be encouraging, and will show you that you can get your debts paid off and be debt free!

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 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 cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
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18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
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20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
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01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
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22:03 17 Nov 21
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17:02 11 Nov 21
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09:33 10 Nov 21
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07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
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16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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