How to Plan for a Debt-Free Future

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Do you hear your friends and family talking about their latest vacation, their new car, their upcoming home renovation and can’t help but think, “must be nice”?

Your financial future might not seem too bright because you’re so strained juggling credit card bills and loan repayments that the prospect of one day being able to plan for things like a mortgage seem impossible.

Debt isn’t a life sentence. There are ways to get out of it.

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You have to recognize when your debts are having a negative effect on your life in order to start taking the steps to financial freedom. To handle your financial situation and regain some control over your life, you can follow these tips for living debt free in Toronto but you need to address your debts, too.

Develop a Coping Strategy

You have to understand the cycle of debt, how we get into it and how we get stuck. You need to know when you need money and how to get it, you need to learn to live on less, and you could probably also benefit from some general stress management.

No matter how severe your debt situation may seem, a consultation with a Licensed Insolvency Trustee (formerly known as a bankruptcy trustee) at a David Sklar & Associates location across the GTA will get you on track. They can guide you through the best way to handle your current debts and they also offer counselling.

For a debt-free life, you need to develop a healthy relationship with your current debt and money in general. Stop hiding and stop avoiding your debts. A debt-free future is possible with professional help, a good plan, and the commitment to make it happen.

Professional Financial Help

You aren’t expected to be an expert in these financial situations, since trying to navigate the murky waters of debt legislation can just add to the stress you already experience regarding your financial obligations. Help from a professional is the best way to make sure you do everything right and plan accordingly for what comes next

The Negative Effects of Financial Strain

Those who suffer from serious debt issues are often labelled negatively, but there are so many reasons for why someone would fall into debt there is no way to interpret everyone’s debt the same way. The truth is that the stress of a dire financial situation can be so intense that it can have a negative effect on your health.

Anxiety over money can lead to lost sleep, unhealthy emotions, unhealthy coping mechanisms, and less money to take care of yourself. Debt that hangs over you can make you feel frustration and hopelessness as the debt piles up and you begin to need more and more money to pay for the interest.

If this sounds like your current financial state, then there’s no reason to continue living in constant fear of your debt. You can develop a plan with the help of a bankruptcy trustee. Contact us today to learn more about how a trustee can help you tackle your debt and set long-term goals for a debt-free future

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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