Dealing with Debt
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  1. Dealing With Debt
  2. How to Pay Debt Off With No Money

How to Pay Off Debt With No Money

Are you wondering how to pay off debt with no money? Maybe you’re in a situation where you or your family have a budget that’s 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’s just not realistic.

When You Can’t Pay Off Debt and Are Worried About Your Credit Rating

When you can’t make the payments to pay off your debt, your biggest worry might be that you’re falling so far behind you’ll have a bad credit rating. It’s true that credit bureaus will know if you can’t 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.

No money and can't pay off debt?

Paying Off Debt with No Money

When 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’t make your debt bigger by borrowing more money. If you apply for credit knowing full well that you can’t 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.

Each Province Has Rules Around Debt Collection

When you have to stop paying 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.

How to Avoid Getting Further Into Debt

To avoid getting deeper into debt, outline your income and expenses by yourself or with a budget calculator. Balance the numbers until you’re not spending more than you earn. This might mean cutting a lot of costs, but keep in mind that this is an emergency budget – you won’t 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.

When You Need Help to Pay Off Debt But Don’t Have Enough Money

When you have no money to pay your debts and bills, or even think declaring bankruptcy is your best option , contact us first. We’ll 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’t let worries about the unknown get the better of you. Contact us now and we’ll be happy to help.

Worried about debt?

Get help to overcome it.

The sooner you start dealing with your debt, the sooner you see an improvement in your credit report If you need some help getting started with a plan, or if you’re not sure if your budget is realistic, contact a non-profit credit counsellor for free, confidential help. Typically, the earlier you contact us, the more options you’ll have.

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  1. Tracy Moore

    i dont make enough to pay my debt

    • CCS

      Give us a call at 1-888-527-8999 and one of our credit counsellors can help you look at your options and see what can be done. It’s still very possible that you have options.

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