Loans/Line of Credit Debt
Are your loan payments and line of credit debts too high?
We’re only human. When interest rates are low and there’s a high ticket item you want to buy, it’s hard to resist the temptation to just take out a loan or line of credit instead of waiting until you have enough saved.
The cycle of borrowing money instead of saving money is incredibly easy to fall into.
But when the time comes to make those payments, you might be feeling less satisfied with your decision.
In over your head?
If you have a line of credit, overdraft protection, or other personal loans that you’re trying to pay off, it might be challenging to come up with the payments. When you’re also paying for housing expenses, food, clothing, etcetera, those debts can quickly get way over your head. (And we have all been there so we say this with no judgement!)
Try to avoid getting new debt to pay off old debt.
If you continue to borrow from Peter to pay Paul, you will be in debt forever!
Instead of applying for a debt consolidation loan to take care of those debt payments, consider a debt relief or forgiveness option instead.
There are a number of ways you can free yourself from those costly debts without adding more debt to do it. Two of those options include filing a consumer proposal or declaring personal bankruptcy.
Use our debt consolidation calculator to weigh your options and then book a call with us! We can explain everything in more detail so that you make the most informed decision possible. We’re here to help!
Getting into debt is easy. Getting out is a different story.
But it's still possible!
Did you know there is a Debt Program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).
If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.
What our clients are saying.
We are David Sklar
Our team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future. We’ve helped thousands of people and we can help you too.
We know this is stressful, but you're not alone.
It’s going to be okay.
Book your free consultation today. We’ll do the rest.