“Treading Water” = Simply keeping your head above water, struggling without progress, or fruitless efforts.
For many, making debt payments and then re-borrowing, or “Treading Water”, is a vicious cycle that perpetuates stress and anxiety. When you aren’t consistently reducing your debt on a monthly basis despite paying what you can afford, then you are “Treading Water” and need to reassess your situation before you drown.
It’s important to consider:
- Is your total debt load decreasing every month?
- Can you afford the monthly payment(s) necessary to become debt free in a reasonable amount of time?
A sober look at your situation may help you formulate a manageable plan to become debt free, or realize that you need help.
A handy tool to calculate how long it will take you to repay your debt can be found on the Ontario Securities Commission Investor Education website getsmarteraboutmoney.ca. We think its a great way to understand the monthly payment required to pay off your debt, and how long it will take you to become debt free.
If you can’t afford the monthly payment(s) necessary to pay your debts in full, with interest, then give us a call. Our services, namely consumer proposals and bankruptcy, provide you with relief from interest, a single affordable monthly payment, and a concrete timeline of no more than 5 years to become debt free.
If you feel like you might be “Treading Water” and would like a life line, then give us a call. Our consultations are always free and we’ll take the time to review your situation and explain your options which always include paying your debt in full if possible. Break the cycle and get help now.