https://www.hoyes.com/blog/you-should-pay-off-your-debts-unless-youre-in-over-your-head/ Hoyes, Michalos & Associates Inc. | Ontario Licensed Insolvency Trustees Wed, 22 Dec 2021 14:31:24 +0000 hourly 1 https://wordpress.org/?v=6.5.3 https://www.hoyes.com/blog/you-should-pay-off-your-debts-unless-youre-in-over-your-head/#comment-243 Thu, 14 May 2015 12:50:33 +0000 https://www.hoyes.com/?p=8049#comment-243 There but for the grace of God go I. In my case, I had significant equity in a large condo bought in 1999 which saved me. Lessons Learned: 1) You can’t predict a serious illness, accident or similar income-killing events. 2) Go for help the sooner the better. Even though I was able to negotiate a HELOC currently below 3%, for over a year I carried significant credit card debt which I hid from my wife. The amount of interest I had to pay is still painful to think about. There are solutions but people need to address root problems asap, and an objective third party is often the best resource. Don’t hide your head in the sand like I deluded myself into doing.

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