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Leave Debt Behind

August 8, 2018

You can leave debt behind, and you really should leave debt behind… After you have filed a proposal or bankruptcy and become debt free it is a good idea to rebuild you credit rating and we can help you with that.

But it is still a good idea to leave debt behind, way behind. Life is easier and better without carrying the burden of debt around with you. The average Canadian is making monthly payments of around $850 on credit cards and other unsecured debts. Imagine spending that much on your home each month instead.

After you leave debt behind you will have more money in your pocket to spend on whatever you would like. Imagine going to Cuba on vacation every two months, that’s the equivalent cost of paying to service debt.

Remember, $850 is net pay, you have already paid taxes on that money, so it is probably actually about $1,200 per month or $24,000 a year of gross income that is being spent to service debt. That money could be put into an RRSP and save you on taxes while earning you interest.

Think about your priorities and the reasons why it is important for you to leave debt behind you.