AJ Chisling
3 min readMar 16, 2023


Bills & Debts

7 Tips for Dealing with Holiday Debt

April 11, 2022

It’s debt time of year. We can help.

The holidays are over. And in a difficult uncertain year for many, Christmas and New Year’s provided some much-needed time to relax with friends and familyvirtually or not. For some, the emotional and physical confinement of this pandemic has led to comfort shopping. And it’s led to more gift-giving because people are in need now more than ever. Both of these actions are perfectly understandable. Normal. Necessary. But also expensive. Now the bills are coming in and you have to deal with the reality of debt. Here are some tips for what to do.

1. Sort out what you owe

Although it can be tempting to ignore the bills as they arrive, it is best not to do so! The first step to getting debt under control is understanding what you owe and to whom. Sort out the bills by priority, secured debt vs unsecured debt, high interest vs lower interest and the payment terms of each. This way, you can find out exactly what you owe in total and who should be paid first.

2. Find small savings

Once you’ve assessed what you owe, instead of jumping right to payday loans or other means of repaying your debt quickly, think of small things you can do on your own that can save you money. This may mean cable cutting or paying for fewer streaming services, opting not to purchase the latest phone, taking fewer Uber rides and ordering in instead of cooking, and so on. You can sell items you no longer need in the second-hand economy. Temporarily suspend RRSP contributions, if you have any. These small savings can add up to big savings and can help you pay down the debt without adding more.

3. Increase your income

The gig economy is huge and if there is a way you can earn extra money by being a personal shopper or offering rides, for example, then this is a great way to pay down what you owe. These kinds of jobs are relatively easy to get, are in high demand, and you have the freedom to work as much or as little as you like. In this case, a lot will lessen your debt faster!

4. The debt collector

If you see that your debt has gone to collection, don’t panic. There are rules in every province governing how and when a collector can contact you. Most want to work with you in order to find some way to pay the money back. The lawyers at LegalShield Canada have experience with debt collection and can help you wherever you live in Canada.

5. Debt consolidation

Be wary of people and businesses claiming they can take all of your bills and magically reduce or get rid of what you owe. Many of these places take advantage of vulnerable people, in debt and desperate not to lose their home or car or just want to avoid having lousy credit. Make sure to speak with a professional before signing onto any of these services.

6. Loans

We have discussed the pros and cons of loans before on this blog, especially the “payday” instant type loans which give you money fast but can come with a hefty price in the end. Moving your debt from now to later does not remove the debt. And doesn’t make you sleep easier.

7. Talk to us

If you need guidance reading the small print of any loans you may be considering or if you need help with your debt settlement or debt collection, get in touch with us. Our affordable monthly plans allow you to speak to a lawyer as neededand getting out of debt is definitely needed!

The takeaway

You would not be alone if you overspent this holiday season. These are extraordinary timesand tough times for many. Purchasing items and services that make you and your loved ones feel better is entirely normal. But the debt must be dealt with one way or another. Let us help you choose how. Become a member. Ask us questions! Join the more than 4,400,000 people already protected by LegalShield and sign up today.

Articles on the LegalShield.ca website are for informational purposes only and do not constitute legal advice or opinion in any manner. Laws mentioned in the articles vary from province to province. Any links to third-party sites in our articles are for general information purposes only and LegalShield is not affiliated with, nor does it endorse, the content of linked sites. It is always advisable to seek legal counsel — and LegalShield can help.