Helping you get out of Debt (Part Three)

Get out of debt

Table of Contents

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, 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. 

Share This!

I had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
Lisa Gomez
1709492022
Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
Richard Hong
1709358914
Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
Jay Mil
1709336666
Everything went well. I will update in 5 years
Trisha C
1709311761
My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
Angie
1709250956
A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
Dennis Armstrong
1709249142
Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
Kelley Roberts
1709243575
David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
Nhie GU
1709082686
Reduced my stress and gave me a second life. Sincere heartfelt thanks to the team.
Selvaraj Dhanagopal
1709061781
I am very pleased with the experience with your company. Great customer service and very professional. They made me feel like dealing with caring and friendly people. Jackie is a sweet lady. All of them very helpful.
Carolina Marroquin
1708815208
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us