A 32 year old with a debt repayment plan - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

A 32 year old with a debt repayment plan

The Globe and Mail article
This Globe and Mail article features a 32 year old who owes $45,000 in unsecured debt. He shares with us his debt repayment plan.

Talk to Us Today

709-221-5500

Talk to Us Today

What is great about this Globe and Mail article is that it shows us a millennial with a debt repayment plan.

We see that he owes $45,000 in unsecured debt and he describes the sacrifices he is making now to ensure he keeps to his plan of paying off his debt within six years.

He is even putting off purchasing a house even though technically he could afford it according his bank.

My favorite part of the article, however, is a quote from Blake Griffith from Sun Life Financial:

“The big benefit to doing a budget is to see where your money goes … then you can start making informed decisions based on your financial picture.”

Mr. Griffith is absolutely right.

Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]