How can I get out of my Canadian consumer debt? – Graham

By on January 4, 2012
How can I get out of my Canadian consumer debt? – Graham

I am almost 25 years old and with my childish behavior behind me I have a financial mess to clean up.

My goals are to start a family while being debt free.

I am Canadian (Not sure if that matters) I read your e-book and through the endless links between the lines I decided to check out the website too.

I’ve started a great career but in front of me lies 16,000 of government student loans (That I have let go to the crown), 7600 dollars from a retail reconciliation loan (that I used to pay off my high interest car payments and credit cards), and 1500 dollars on a credit card in collections.

I also believe I have a few hundred dollars in collections from my first year of college 7 years ago.

My question is, where do I start?

I know I need to make a budget, but everyone wants so much money that my debt expense over exceeds what I am actually making.

It seems easier just to pay off one thing at a time. I’d almost rather save up one lump sum and make an offer to a creditor to pay a settlement of the amount owed. Im not sure what to do all I know is that they’ve been patient, my credit sucks and I need to do something about it. Hope you can help

Graham

READ  Canadians In Trouble - "Half of Canadians are Living Paycheque to Paycheque"

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s and and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

2 Comments

  1. Steve Rhode

    January 4, 2012 at 12:37 pm

    Graham,

    Thanks for reading the free books I make available. Others can download them here.

    If I understand you correctly you have enough income to make your payments but you want to dig your way out of the debt with some sort of plan. You can use the debt snowball approach to give yourself a plan to execute. I prefer to nuke the smallest balances first. Once you read it you’ll see what I mean.

    The first step would be to get some clear data on how you actually spend your money rather than make a budget. Online tools like Mvelopes can make this easy to do.

    Once you know what your cash-flow actually looks like, then you can come up with a spending plan on how you want to allocate your available funds. 

    Does that sound like a reasonable approach?

  2. Steve Rhode

    January 4, 2012 at 12:37 pm

    Graham,

    Thanks for reading the free books I make available. Others can download them here.

    If I understand you correctly you have enough income to make your payments but you want to dig your way out of the debt with some sort of plan. You can use the debt snowball approach to give yourself a plan to execute. I prefer to nuke the smallest balances first. Once you read it you’ll see what I mean.

    The first step would be to get some clear data on how you actually spend your money rather than make a budget. Online tools like Mvelopes can make this easy to do.

    Once you know what your cash-flow actually looks like, then you can come up with a spending plan on how you want to allocate your available funds. 

    Does that sound like a reasonable approach?

Share a Comment / Leave a Reply

%d bloggers like this: