How to Avoid Debt Problems

Table of Contents

Ways to avoid your debt problems

Having a credit card can lead you to have too much credit card debt. Avoiding debt problems will take a bit of a change with the way you are used to spending. Always think before you make that purchase. Do you really need that new item? Impulse purchases add up over the weeks, months and year.

Easier said than done, but ultimately you need to spend less, and to help, you will need to create a budget worksheet and set aside some goals. To help you with starting off your budget worksheet, see https://davidsklar.com/wp-content/uploads/2014/04/Budget-Worksheet.pdf

Reducing your Debt

For ideas on reducing your debt and avoiding future debt problems, here are a few ideas to help you along.

Purchase items on sale – if you keep track of the sales on the various stores you shop regularly, this is a good way to buy the items you normally would that are now on sale. Researching the various prices of your most visited stores online, can help you plan your weekly grocery and help you get the most out of your money.

Avoid Credit Cards – With the credit card(s) you do have, use them wisely and only in emergency. Avoid building up unnecessary extra debt via your credit card. Avoid signing up for any extra credit cards, and the one(s) that you do have, only use them in emergency.

Try switching over to a cash only method. Only spending what you have budgeted from your cash on hand will help with cutting out those unnecessary items in the want list. If you are to use your credit card, charge only what you can afford, and pay off the amount that month so you will avoid any interest. Take note of your credit cards grace period, and pay the balance within this timeframe. There’s no point in building up points via your Credit Card if you are paying high interest on an outstanding balance.

Pay Off Credit Cards – Working to pay of the credit cards is essential. Just paying the base minimum amount each month will not go very far in eliminating your debt. Devising a plan to pay off your Credit Cards so they will be fully paid off should be on your to-do list. Most importantly, do not miss any Credit Card Payments. You can see about creating automatic payments from your bank checking account to your credit card for a certain amount each month so there are no missed payments.

Avoid using Cash Advances – Avoid the urge to use your credit card for any cash advances. Using your credit card in this manor can lead you to credit card debt. A cash advance with most credit cards is a loan against your line of credit, and with cash advances, it does incur a fee, and if the that amount is not paid off within the grace period, interest will start building.

Avoid Fast Food/Restaurants – One of the easiest ways your monthly expenses can rise on a weekly/monthly basis is eating out at your favourite restaurant. If you visit fast food places a few times a week, and/or take your family to a restaurant on a regular basis. Start calculating how much this is actually costing you on a monthly basis.

Savings and Emergency Funds – Setting up a savings and an Emergency funds account should be started if you do not already have one. If you have a family, home, pet or a car, it is easy to guess that some point down the road, you will need some extra money outside of your regular monthly allotted bills to help cover that unexpected bill.

For more articles from David Sklar and Associates see out Budget Basics Series, and download our Budget Worksheet.

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!

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
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