How to Pay Off Debt With No Money \r\n\r\nAre you wondering how to pay off debt with no money? Maybe you\u2019re in a situation where you or your family have a budget that\u2019s barely holding together and are living pay cheque to pay cheque. The best way to overcome this challenge might seem like paying off your debt fast, but no matter how hard you try, it\u2019s just not realistic. \r\n\r\nWhen You Can\u2019t Pay Off Debt and Are Worried About Your Credit Rating \r\n\r\nWhen you can\u2019t make the payments to pay off your debt, your biggest worry might be that you\u2019re falling so far behind you\u2019ll have a bad credit rating. It\u2019s true that credit bureaus will know if you can\u2019t make your payments or can only make partial ones. But when you get back onto your feet, your credit rating will recover with you. Your priority right now is paying your housing costs (rent, mortgage, utilities, etc.), buying groceries, and having money for medicine and other essentials like your transportation to work. \r\n\r\nPaying Off Debt with No Money \r\n\r\nWhen you have no money left to spend, it can feel like the weight of the world is on your shoulders as you fall behind with bills and payments. Again, your priority now is not to pay off your debt, but to make sure your essential costs are covered. However, while it may feel like a tempting way to relieve your burden for the moment, don\u2019t make your debt bigger by borrowing more money. If you apply for credit knowing full well that you can\u2019t afford to repay it, then there will be consequences and creditors do sometimes pursue people for fraud. If you cannot pay your debt off, then communicate with your creditors so that they can work on a solution with you. \r\n\r\nEach Province Has Rules Around Debt Collection \r\n\r\nWhen you can\u2019t pay your debts, collection agents will call and send you letters demanding payment. They might even call your work. Each province has debt collection rules about what collectors can and cannot do, along with your rights and responsibilities. Inform yourself about the laws in your province by checking with your consumer protection authority or office. \r\n\r\nHow to Avoid Getting Further Into Debt \r\n\r\nTo avoid getting deeper into debt, outline your income and expenses by yourself or with a budget calculator. Balance the numbers until you\u2019re not spending more than you earn. This might mean cutting a lot of costs, but keep in mind that this is an emergency budget \u2013 you won\u2019t have to use it forever. Taking control of your spending will help you overcome this tough time so that you can move towards a brighter future. \r\n\r\nWhen You Need Help to Pay Off Debt But Don't Have Enough Money \r\n\r\nWhen you have no money to pay your debts and bills, or even think declaring bankruptcy is your best option , contact us first. We\u2019ll look at your whole situation with you and answer any questions you might have. Many people think that going bankrupt is for people who have no money. However, it still costs money to go bankrupt. Don\u2019t let worries about the unknown get the better of you. Contact us now and we\u2019ll be happy to help.