Pay Off Debt in 90 Days: A New Year Action Plan

The start of a new year brings a renewed sense of possibility and excitement. But if you're carrying credit card balances, overdue bills, or personal loan payments, that optimism can quickly fade into stress. You’re not alone. Over 46% of Canadians say debt is their biggest financial obstacle, and many wish they had taken action sooner. The good news is that the right 90-day plan can empower you to regain control, reduce your debt meaningfully, and start the year feeling stronger and more financially grounded.

At SCB Debt Solutions, we understand that financial struggles aren't just about numbers - they affect your emotional well-being, your confidence, and even your future plans. Our 90-day plan is designed to help you take intentional and achievable steps toward financial relief, while knowing that professional support is always available when you need it.

The Benefits of a 90-Day Payoff Strategy

Ninety days is long enough to make real progress, yet short enough to stay focused and motivated. A three-month window will allow you to:

• Build momentum quickly.

• Implement new budgeting behaviours.

• Make visible progress on high-interest debts.

• Identify when you may need professional help like debt counselling or a consumer proposal.

With dedication and the right approach, you can turn this moment into a powerful stepping-stone on your financial path.

Month 1: Understand Your Finances and Set a Strong Foundation

1. Itemize Every Debt You Currently Have

Start by gathering statements for all debts, including credit cards, payday loans, lines of credit, personal loans, and overdue bills. Pay attention to the:

• Balance

• Interest rate

• Minimum payment

• Due dates

Most people aren’t fully aware of their total debt until they review their statements closely. Seeing everything clearly is the first step toward change.

2. Choose Your Pay-Off Plan

There are two effective strategies to consider:

Debt Avalanche:

• Focus on paying off the highest-interest debt first

• Saves the most money over time

Debt Snowball:

• Pay off the smallest balance first

• Helps build confidence through quick wins

If your debts are overwhelming, late, or growing despite payments, this is where our debt counselling service can help you restructure your plan in a sustainable yet personalized way.

3. Build a Realistic Budget

Take a fresh look at your spending from the last 30 days. You might find a few places where you can cut back without feeling deprived. At SCB Debt Solutions, we help clients use these savings to make stronger payments on their priority debts and move forward with more confidence.

Month 2: Reduce Expenses and Maximize Cash Flow

1. Cut Costs Strategically

The goal is to redirect money with intention. Evaluate:

• Subscription services

• Dining out

• Entertainment

• Impulse purchases

• High-cost utilities or plans

Even a modest reduction can dramatically change your momentum. For instance, cutting just $10 per day adds up to $900 in 90 days.

2. Explore Ways to Supplement Your Income

Some ways to increase your income include:

• Freelance work

• Selling unused items

• Asking for extra hours at work

• Taking on a seasonal or part-time job

An extra $200–$500 per month can accelerate your pay-down significantly.

3. Negotiate Where Possible

Call credit card companies or lenders and ask for:

• Temporary interest rate reductions

• Payment date adjustments

• Fee waivers

If negotiations don’t lead to the relief you need and your payments still feel overwhelming, SCB Debt Solutions may suggest a consumer proposal. This is one of Canada’s federally regulated debt relief options, which can significantly reduce what you owe, pause accumulating interest, and help you keep your assets.

Month 3: Accelerate Progress and Reassess Your Options

1. Apply Every Extra Dollar Toward Your Target Debt

This is the final push. With new habits, clearer tracking, and increased cash flow, you can now make larger and more impactful payments.

People who dedicate “found money” (tax returns, bonuses, or side income) to debt are more successful in reaching their 90-day goals.

2. Watch for Warning Signs

If you’re experiencing any of the following, it may be time to seek professional debt support:

• You’re only able to make minimum payments

• Your interest is increasing faster than you can pay it down

• You’re borrowing from credit to pay credit

• You’re behind on payments or receiving collection calls

• Your debt feels unmanageable despite your efforts

Our team at SCB Debt Solutions can help you explore supportive and federally-regulated options such as:

Debt Counselling:

Our debt counselling service is built to help you clearly understand your financial situation and create practical strategies to regain control. Together, we’ll look at your debts, income, and expenses to develop a realistic budget tailored to your needs. Our Licensed Insolvency Trustee will offer expert guidance on managing payments, reducing what you owe, and strengthening your long-term financial well-being.

Consumer Proposal:

This formal and legally binding agreement between you and your creditors allows you to reduce your debt and make manageable monthly payments over a set period, which can typically be up to five years. SCB Debt Solutions specializes in creating consumer proposals that safeguard your assets while providing fair repayment to your creditors.

Bankruptcy Solutions:

Bankruptcy offers a way to reset and rebuild. It legally discharges most unsecured debts, providing immediate protection from creditor actions like wage garnishments and lawsuits. At SCB Debt Solutions, we understand that this step can feel daunting, but our team is here to guide you with care and professionalism.

3. Celebrate Your Wins

Whether small or large, your progress matters. If you’ve paid off one account, reduced a balance significantly, or simply become more financially mindful, be sure to acknowledge your effort. Positive reinforcement helps you stay on track beyond the 90-day mark.

A Stronger Financial Future Starts Today

Achieving a debt-free life goes beyond balancing figures. It’s about restoring your sense of control, strengthening your stability, and embracing a renewed peace of mind. Over the next 90 days, every step you take can bring you closer to the life you envision: one with less stress, more control, and renewed possibilities. And you don’t have to navigate it alone.

If at any point your debt feels overwhelming or progress seems out of reach, SCB Debt Solutions is here to help with empathetic, knowledgeable guidance. Whether you need debt counselling, want to explore a consumer proposal, or have questions about bankruptcy solutions, our team is committed to helping you make the best decision for your future.

A better financial year starts with a single choice: to take action today, with support that truly understands what you’re going through.

You don’t have to take on debt alone.

If your payments feel overwhelming or your plan isn’t working, our Licensed Insolvency Trustee can provide clear, compassionate guidance on your best options.

Book your free and confidential assessment with SCB Debt Solutions today - and start your year with confidence and control.

FAQs Related to Your 90-Day Debt-Payoff Plan

Is it realistic to pay off debt in just 90 days?

Paying off debt in 90 days is possible. Your success depends on income, expenses, and total debt. With strict budgeting and higher payments, you can make progress even if full repayment isn’t achievable.

What if my income is irregular - can a 90-day plan still work?

Yes, a 90-day plan can still work with irregular income. Focus on your average monthly earnings, prioritize essential expenses, and set flexible payment goals. Adjust as income changes to maintain progress without overwhelming your budget.

How do I stay motivated during a 90-day debt payoff challenge?

Stay motivated by tracking progress, celebrating small wins, and reminding yourself why becoming debt-free matters. Use visual trackers, accountability partners, or weekly check-ins to stay focused and maintain momentum during your 90-day debt payoff challenge.

What if unexpected expenses disrupt my 90-day plan?

Unexpected expenses may disrupt your plan, but this doesn’t signal failure. Reassess your budget, adjust payments temporarily, and prioritize essentials. Resume your strategy when possible and view setbacks as normal parts of your 90-day journey.

When should I switch from a DIY debt plan to professional help?

Switch to professional help when payments overwhelm you, creditors increase contact, or your DIY plan stops working. A licensed insolvency trustee can assess your situation, clarify options, and guide you toward structured solutions supporting financial stability.

What if I have multiple types of debt (credit card, personal loan, BNPL)?

A 90-day plan works best when you prioritize debts with the highest interest first. If your debt mix feels confusing, a Licensed Insolvency Trustee can help you structure a clear strategy.