How This Canadian Family Paid Off Their Debt

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The Patterson Family's Debt Story

At the end of 2017, my family was in debt of over $80,000. Without a doubt, this was the toughest period of both my life and my wife’s life. The feeling you get when you look at the mountain of debt you’ve accumulated with no immediate means to pay it off is a daunting one. At the peak of our debt, we had two young daughters and my wife was 4 months pregnant and in no shape to work. I had just been laid off from my work, and things had never been lower. 

We were what you would call a regular Canadian family, living in Hamilton, Ontario. I had been working as a factory worker for 10 years previous, which was an extremely taxing job on my body. At times, my back would be in such bad shape I would struggle walking upstairs. Towards the end of 2016, I was unexpectedly laid off from my job. To make matters worse, my back was in such bad shape that I was struggling to walk normally. Since there was no “one” injury and instead repeated strain that hurt my back, I was never eligible for workers comp. So when I was laid off, I was almost completely debilitated by back pain and my wife in the late stages of her second pregnancy. To this point, we were in debt of $65,000 and there was no clear answer of how we were going to pay it back. 

At this point, we realized the severity of our financial situation. We were behind on our rental home payments, car payments, and our credit cards were maxed out. When we signed the agreements for our rental home and cars, we didn’t realize how quickly these bills would add up. We planned that once both of our unborn children were born, my wife would be able to work again and our bills would be manageable. Clearly, we didn’t plan for this scenario and our options in fixing it are limited. 

After a few months of rehabilitation on my back and both myself and my wife not having a job, I felt my back was fit enough to work again. I applied everywhere, Canadian Tire, Home Depot, every restaurant around, and finally after following up enough, Canadian Tire hired me as an inventory manager. I was ecstatic, it was a decent paying job and it wouldn’t require me to do intensive labour. While this felt great, it was only a small step in the right direction. It reminded me that in order for us to get out of debt, it would take a lot more than a 9-5 job. 

Man stressed about financial debt

Our Options

When most people are in debt, I would think a common response would be to reach out to close friends and family for support. While this may be an option for some, it was never an option for us. We felt that we couldn’t burden either of our families who are not particularly financially stable with our huge amount of debt. So, what we did instead was research into ways other Canadians deal with similar situations. We tried everything, we started using coupons for all of our shopping, we cut our cable TV, we stopped going out for food or coffee, we canceled our gym membership and we even sold one of our cars! Sure this helped maybe 10% of what we owed, but it still seemed like it only made a minor dent. So while we continued to follow what experts have said to do in the case of being in extreme debt, we felt we needed to do more. That’s when we found out about this company called Debt Refresh.

What Changed Everything

It was a Sunday morning, I had just gotten in from a long run that would usually be a gym workout and I was enjoying a homemade coffee instead of what was usually a Starbucks coffee. I was on the internet looking for more ways to try and cope under the financial stress we were facing when I came across this website Debt Refresh. Debt Refresh is a company that works with Canadian’s and lenders in helping them consolidate their debt. At first, I thought there was no way the bank would ever agree to consolidate our debt of $80,000, but I reached out to them anyway. The next day, I got a call from a woman named Jessica who asked for more information on my family's situation. We talked for half an hour and she promised me she would call me back with a game plan. She sounded very optimistic which gave me the small feeling of hope I hadn’t felt in years. After anxiously waiting for about an hour, I received a call back from Jessica. She told me she had been speaking with the bank for the past hour and they had reached a consolidation agreement. Remarkably, Jessica was able to make an agreement with the bank to drop our debts to just $20,000 from a mere $80,000! I was absolutely blown away and convinced if we continued to stay strict on our spending habits and I kept my job at Canadian Tire, we would be able to pay back our debts within a year. 

One year later

Fast forward a year, we have two new daughters and $0 in outstanding debt. It took a year of hard work and discipline, but despite having three children, two being new-borns, we were able to bring our debt down to zero. The feeling of getting that weight off our shoulders was as gratifying as anything we’ve ever experienced. Thinking back, it’s remarkable how Debt Refresh was able to consolidate our debt and bring us down to a realistic number. Without them, we would still be in a great amount of debt and stress. I can’t thank Jessica and her team enough for allowing me and my family to live life comfortably and debt-free. If you find yourself in a situation like ours, I recommend you take the steps we took. Take control of your spending habits and cut anything out that you can, and reach out to Debt Refresh and have your debt consolidated. 


Family debt free

Why Debt Reduction Helps

We know Covid-19 has put a lot of Canadians in financial troubles, in fact, 47% of Canadians are currently struggling with debt. That’s why we launched a new product that allows our customers to significantly reduce their debt. Contrary to popular belief, debt reduction helps you rebuild your credit faster than trying to maintain your payments on your current debt. Many Canadians in debt currently only make the minimum payments and continue to pay more and more as interest rates increase. This just keeps them in a vicious cycle and never allows them to completely pay off their debt. Entering into a debt solution allows you to reduce your total monthly payments into one that you can afford. This means that at the end of your program all your current debts will be paid.

If You Need Help Like Jacob

If you’ve found yourself in a similar financial situation to Jacob, consider trying Debt Refresh. If you meet certain requirements, we can help!

Eligibility Requirements

  • Must be a Canadian citizen
  • Must be at least 18 years of age
  • Minimum $10,000 in debt

Why Choose Debt Refresh?

  • Free consultation with one of our team members
  • Easy approval process - only takes a few minutes
  • Amazing support staff to guide you through the process
  • Payments as low as $200 per month
  • Completely online
  • Your information will always remain confidential
  • Get your options/offers within 24 hours

Get Pre-Approved Now!

Ready to apply for financing? Fill out our application form here to get started: https://application.carloanscanada.com

Ready to apply for debt reduction?

Fill out our short application form to get started:
www.carloanscanada.com/debt-refresh