Is Consumer Debt Making You Poor?

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Is Consumer Debt Making You Poor?

Ouch! As this article’s title illustrates, plain speak can be a bit painful. However, understanding what consumer debt really is, how it hurts you, and what you can do to beat it – can take some of the sting out of consumer debt’s bite.

What is Consumer Debt?

According to Stats Canada – Consumer debt is the “amounts outstanding on credit cards, vehicle loans, other personal loans, instalment or revolving debts, and unpaid bills.”

Although they can have a serious impact on your financial health, long-term debt such as student loans and mortgages are not normally considered Consumer Debt.

Isn’t buying stuff on credit the easiest way to get the things you want? Only if you don’t count the interest costs and the months/years it can take to pay back the debt generated by these ‘easy’ purchases.

In plain terms: Consumer Debt is a financial penalty (usually in the form of interest) for purchasing something before you have the cash to buy it outright. Whether it is the latest techno-toy, a holiday trip, or true necessities – the net result is the same – an increased debt burden and reduced disposable income.

For some it can become a vicious cycle – consumer debt leads to reduced disposal income, which leads to reduced ability to save, which leads to more consumer debt.



How to Get Out of the Consumer Debt Cycle

  1. Accept that you have power over your debt. Faith is not required – you really do have power to control your debt load.
  2. Take a hard realistic look at your debts. It will take some effort on your part – but we have set up some straightforward instructions in Clearly Identify Your Starting Financial Position that will help you complete this essential step.
  3. Set realistic goals for getting out of debt and making the most of your money. Clearly Identifying Your Financial Goals can help you take this essential step.
  4. Set up a realistic plan to achieve your goals. Set Up Your Plan (aka Budget) – be confident, you really can do this, and you can succeed!
  5. Stick to your plan – You Can Beat Consumer Debt.

You can do this!

It might not be easy, and the temptation to give up might be strong – but just remember what your goals are. Picture your life, using your money to make the most of your life – and not loosing large portions of it to the financial penalties that Consumer Debt inflicts on all its victims.

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. 

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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
Great experience with Jerry and staff. Thank you.
Harold Hutchings
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