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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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
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Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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