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How to Start Your “Being-Debt-Free” Journey

Many Canadians experience the challenge of being in debt frequently. It may be stressful and debilitating to your mental health. There are, however, doable actions you may start to take to begin your path to debt freedom. In this post, we'll go beyond the initial premise that being in debt can be a significant source of stress and anxiety to discuss how to begin your "becoming-debt-free" journey in Canada. We will go into some useful advice and methods to get you going.

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You're not alone

Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

Make a Plan 

The first step toward becoming debt-free is to establish a plan of action. Making a list of all your debts, including credit card balances, loans, and lines of credit, is a good place to start. Add each debt’s outstanding balance, interest rate, and required minimum monthly payment. This can help you choose which loans to pay off first and offer you a clear picture of your overall debt.

Then, order your debts according to their interest rates. You should pay off debts with higher interest rates first because they will end up costing you more in the long term. While continuing to make the minimum payments on your other bills, think about making additional payments toward these debts.

Consolidating your loans into a single loan with a cheaper interest rate is an additional choice. Long-term interest savings and easier payment management are both possible effects of this. However, avoid consolidation loans that include exorbitant fees or other hidden costs.

Establish a Budget

Making a budget is crucial if you want to be debt-free. To gain an accurate picture of where your money is going, start by keeping track of your expenses for a few months. To make this procedure simpler, employ software or budgeting apps.

Create a budget that accounts for both your income and your debt payments once you have a clear understanding of your expenses. Make careful to budget for unforeseen costs, such as auto repairs or medical expenses. As much as you can, stay within your budget and make necessary adjustments.

Reduce Expenses

Spending less is a difficult but important step towards debt freedom. Consider your discretionary spending first, such as dining out or purchasing new clothing. Think about decreasing or eliminating these costs.

Consider looking at your fixed costs, such as your cable or phone bill. Can you cut the price or change to a less expensive provider? Keep in mind that you can use every dollar you save to reduce your debt.

Improve Your Income

Your ability to pay off debt more quickly may increase. Think about creating a side business or getting a part-time job. You might also wish to hunt for a job that pays more or ask for a raise. Consider charging a charge if you have a skill or passion that you can make money from, such as web design or photography.

Use Cash Instead of Credit

Using cash instead of credit can help you stick to your spending plan and prevent you from taking on extra debt. Consider adopting the envelope technique, in which you set aside a specific sum of money for each category of spending, such as entertainment or food. You can’t make any further purchases in that category after the money is gone until the following budget cycle. You may be responsible and limit your expenditure by doing this.

Avoid Making Impulse Purchases

Impulsive purchases can mount up rapidly and prevent you from becoming debt-free. Consider whether you need something or if it’s a want before making a buy. Can you discover a less expensive option or wait till the item goes on sale? Consider delaying the choice for a few days if the purchase is not urgent. You will have more time to consider it and prevent impulse purchases as a result.

Deal with Creditors

Consider talking with your creditors if you’re having trouble paying your debts. You might be able to come to an agreement on a payment schedule or accept less money. Make careful to describe your circumstances and be upfront about your financial condition. Keep in mind that your creditors want to be paid, so they might be flexible.

If you need help managing your debt and having a fresh start, consider talking to a debt specialist to know your options. 

Take control of your finances and become debt-free with National Debt Relief. Reach out to us today and let us help you on your journey to financial freedom. Get your FREE savings estimate now!

 

Debt Relief Program Ontario

Our Clients 5-Star Reviews

Jennifer Chenier
Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
Katherina Preston
Katherina Preston
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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