Debt Help & Debt Relief

If you are having financial difficulty or are on the verge of personal bankruptcy in Toronto, the GTA or in Southern Ontario, debt help is available for you at Harris & Partners Inc. Licensed Insolvency Trustee (formerly known as a Trustee in Bankruptcy). We recommend the following steps to help you reduce your debt.

DEBT SOLUTIONS START WITH CREATING AND LIVING WITHIN A BUDGET

Calculate your monthly spending and find a way to reduce your expenses so you save at least 10% of your income every month. Living below your income and saving in this way helps:
Shrink your debts over time
Put money away to apply against your debts
Give you a financial cushion when unexpected emergencies occur
You invest in your future

PAY DOWN DEBTS WITH THE HIGHEST INTEREST RATE FIRST

While you should always pay at least the minimum amount on any debt you incur, it’s best to focus extra efforts on debts that have the highest interest rate.

SHIFT YOUR DEBT FROM HIGH TO LOW INTEREST RATES

Since a line of credit is always at a much lower interest rate than other debt, if you have a line of credit, try to pay off your credit card debt with the line of credit. Ask your bank if they will increase your line of credit limit, if needed, to make it possible to pay off your credit card debt.

If you own a house or condominium unit, you can inquire about refinancing your mortgage or getting a second mortgage to pay off your higher interest debt. These strategies essentially consolidate your debt at a lower interest rate.

TRY TO INCREASE YOUR INCOME

If you can take on extra hours at work or manage a second job, the added income will help make your debt repayment easier. If you can take on a roommate, boarder or renter, the extra income will reduce your debt more quickly.

BARTER FOR SERVICES WHERE POSSIBLE

Instead of spending money on certain expenses, see if you can trade services to keep your expenses down. For example, if you can offer professional services in one area (e.g., child care, elder care, hair cutting, cooking, bookkeeping, dog walking, personal training, lawn care, snow removal), you may be able to barter with other service providers instead of paying from your income.

FOCUS ON PAYING YOUR DEBT

Set goals for reducing your debts. Credit counselling can help you see your spending more objectively and help you reset your expectations and habits to fit your new financial goals.

Implement your debt reduction strategy by setting up a payment calendar with due date and the payment amounts you expect to make. Sign up for overdraft protection and set up automatic bill payments through your bank or register for online payments.

CONTACT TRUSTEES SERVING TORONTO (AND ALL OF ONTARIO) AT HARRIS & PARTNERS

If you need help from those who specialize in solving debt problems, contact us at Harris & Partners Inc. Licensed Insolvency Trustee. In Toronto, North York, Brampton, St. Catharines, Pickering, Oshawa, Hamilton, Kitchener, Brantford, Barrie and Markham, our federally Licensed Insolvency Trustees can help you achieve long lasting financial solutions. Call us today for your free consultation at 1-800-268-8093.