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

How can I get out of my Canadian consumer debt? Graham
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  • http://GetOutOfDebt.org Steve Rhode

    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?

  • http://GetOutOfDebt.org Steve Rhode

    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?

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