Helping you get out of Debt (Part Three)

Get out of debt

In part three of our series on helping you get out of debt, we look at ways to gain extra money per month, knowing when not to spend, and refinancing.

Overtime or Second Job

When money is tight, and your debts are not getting paid off fast enough, consider working extra overtime (if this option is available) or look at getting a second part time job. Using this extra income and focusing it towards paying down the debt will go a long way. Find some options where you can make some extra money per week/month. See what hobbies you can use to your advantage and start a side business. Check with http://www.servicecanada.gc.ca/eng/lifeevents/business.shtml regarding starting a business for some helpful tips.

Knowing when and when not to spend

Tracking all of your expenses each month, to see where all of your money is going is extremely important. This is an important task for you and your partner. When looking back at your expenses and spending patterns for the past few months, this can give you some extra insight into where your money has been going.

See our articles on Follow the money  and breaking bad spending habits . If getting a second job was not a possible option, then going over your spending habits can work towards freeing up enough money that can go towards your debt, and being debt free.

Refinancing

Mortgage refinancing is the procedure of changing your mortgage with a new mortgage, usually with altered terms than your first mortgage. Refinancing your mortgage can be an option for consideration. First you would need to see the penalties involved and calculate if refinancing is a suitable option for your family or not. If refinancing is an option for you, then this can help free up some money, and help you pay down your debts faster.

If the interest rate on the new mortgage is considerably less than the first mortgage, then the homeowner can save substantial money, and thus have a lower monthly payment. You will need to review this option in detail before considering this, including all the advantages and disadvantages.

Talk to Us!

Having overwhelming debt can be crushing at times, and not knowing what to do is common for some. You may be wondering is bankruptcy, a consumer proposal or debt repayment the answer. If you have questions and need professional advice, speak with a qualified Trustee at David Sklar & Associates. Every case is different, and knowing the full facts can help you make a better informed decision for yourself and your family. Call us today to book a free consultation.

Budgeting and Spending Plan

The best way to be in control of your finances is to have a budgeting plan. Know how much money is coming in, and where the money is going.

Not everyone will like making a budget, but it is something that is highly advised to do. Tracking all of your expenses can be very eye opening, and will help you to spot any expenses that can be reduced or cut all together. See our budgeting series for more information on setting up your budget and getting control of your finances.

How to Get More Help

If you have too much debt, dealing with it in a timely manner is advised. The sooner you can be on a path to financial success, the better off you and your family will be in the long run. Along the way you will learn more about managing your money and work towards being debt free.

Getting in touch with us is easy. Just call or use our secure online form and we can set up a free initial consultation.

 

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. 

Share This!

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest

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
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
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
js_loader