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.

Consumer-Debt-Cycle

 

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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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.
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02:33 29 Dec 22
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kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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