Shedding the Excess Debt

Excessive-Debt

Shedding Debt

When dealing with unwanted debt and getting rid of it, you will need to be realistic. It may have built up very quickly, or accumulated little by little overtime. It will take time to start trimming it off, but with a proper plan and follow through, you can achieve your debt free goals!

While it can be quick and easy to build up debt quickly due to lines of credit, payday loans or credit cards, paying these off will take some planning, and time.

Start Tracking All of your Spending

On a monthly basis, you will need to jot down everything you have been spending. Start by creating a spreadsheet so you can have everything allotted for, including household expenses. Also, try going back a few months of expenses, gather up what data you can. Once you have enough expenses captured, you can start to see what areas you are overspending, and areas you can trim or cut all together.

Getting out of Debt

Once you have listed all your spending habits, and noted the areas you need to work on, see about the areas you can cut/trim. Think about ways to increase your monthly income (side job/overtime).

Creating a monthly plan, and having your whole family stick to this is important. Having monthly budgets for each area allotted for, and having your family follow this will help teach your kids how to better manage money and help be prepared for the future.

Saving for the Future

The faster you can pay down your debts, the more you can invest into your future. When paying down your debts and credit cards, look to pay more than the minimum amount as this will help you pay down your debt faster. Look at paying down the higher interest rate cards faster. When one debt or credit card is paid off, you can then increase the payment to the next debt, or you can also choose to save a bit more for an emergency fund or savings.

Staying Debt Free

The lessons learned from shedding that debt and keeping the excess debt off should be ongoing. Always keep in check your monthly income level, and your monthly expenditures.

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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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
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18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
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20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
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I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
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17:02 11 Nov 21
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Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
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18:45 25 Oct 21
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Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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