How to Pay Down Massive Debt

Conquering Enormous Debt: A Practical Approach

We’ve all heard the inspiring tales of individuals who’ve wiped out six-figure debts in just a few years. Although these stories are indeed uplifting, they often don’t reflect the typical debt repayment journey. Most people can’t take the drastic measures required to clear massive debts quickly: working multiple jobs, eliminating all discretionary spending, or sacrificing necessities like proper nutrition.

So, how can someone realistically tackle a huge debt?

Defining ‘Massive’ Debt

First, let’s clarify what we mean by ‘massive’. If you’re $3000 in credit card debt and can afford to pay more than the monthly minimum, you can likely clear that debt on your own. But, what if you owe a lot more? What if you’re saddled with $20,000 or even $40,000 in debt while earning a salary of $45,000 a year? What are your options for eliminating this debt?

The Debt Trap

Many Ontarians are burdened with high levels of debt. The reason? Their income simply isn’t enough to clear their debt.


“The average client in Ontario has a household income that is over 40% less than the median household income.”


It’s a common misconception that individuals with large debt are living beyond their means. The truth is, those with significant debt levels often find themselves in a debt trap. As their debt increases, so does the interest they have to pay, leaving them with less disposable income. To make ends meet, they resort to accruing more debt, which only perpetuates the cycle.

Strategies for Tackling Massive Debt

So, what can you do if you’re drowning in debt?


“The first step is to identify the problem.”


Here are a few strategies to consider:


Inspect your secured debt items: Are your monthly mortgage or car payments so high that they’re preventing you from making ends meet? If so, consider returning the expensive car or selling your home to find a cheaper option. This could help reset your budget.

Consider a debt consolidation loan: This might lower your monthly payments enough to avoid having to borrow more money. However, it won’t reduce your overall debt; it merely extends your repayment period.

Explore a debt management program: A non-profit credit counsellor can help create a plan where you repay your debt in full, but with little or no interest. However, for those with enormous debts, this might still not be a viable option.

Learn about bankruptcy: This option provides protection from creditors and a chance for a fresh financial start. A Licensed Insolvency Trustee can guide you through the entire process.

Investigate a consumer proposal: This is an often-overlooked debt relief method that can help you eliminate large debts. It allows you to keep all your assets, make manageable monthly payments, and receive immediate legal protection from creditors.


Paying down massive debt is a challenge faced by many individuals. It requires clear definition of the problem, informed decision-making, and a dedicated approach. Various options are available depending on the individual’s specific financial situation and obligations. While some may find relief through debt consolidation loans or debt management programs, others may need to consider more drastic measures like bankruptcy or consumer proposals. Whatever the chosen path, overcoming massive debt is a step towards financial freedom and a fresh start.

Remember, if you’re struggling with debt, you’re not alone, and help is available. Reach out to a Licensed Insolvency Trustee or a credit counsellor for professional advice tailored to your situation.

Find Your Personal Debt Relief Solution

Licensed Insolvency Trustees are here to help. Get a free assessment of your options.

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