Living Without Credit Solved My Money Problems – VICE

A decade ago, Beau Humphreys was in deep financial trouble. At 28 years old, he had $40,000 CAD worth of high-interest debt, which was more than he made in a year.

He racked up a lot of that debt through online gambling. Humphreys went through periods where he got his debt down to $35,000 only to see it creeping back up again. Sometimes, he had to ask a friend to help him make rent. It got to a point where he decided to do something drastic.

Like a growing number of millennials, he filed a consumer proposal, which is a legal option, and an alternative to personal bankruptcy, to help him tackle his debt.

It saved my life, he said. It was a scary time and I couldnt even handle the minimum payments anymore. I ran out of balance transfer…

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