For most people, there is a stigma around experiencing financial challenges and debt. It is often a sense of guilt or embarrassment in finding themselves unable to make payments or to keep up with debt.
However, it is essential for consumers in Victoria to understand that most debt is not caused by a lack of trying to manage finances. It is often a case of lack of money management knowledge, combined with issues such as medical or health issues, lost employment or income opportunities, divorce, or a combination of unplanned issues.
With most Canadians living paycheque to paycheque, even a minor financial issue, such as a major car repair, can create a challenge in managing the budget. That missed payment results in additional penalties, fees, and possibly an increase in the interest rate, which continues to add to the debt.
Reach Out for Help
When these problems occur, reaching out to talk to one of the 4 Pillars debt consultants allows you to understand your options for resolving the debt crisis you are facing.
The key is to have the discussion early and avoid allowing multiple missed or partial payments to build up. Being honest and open with 4 Pillars debt consultants about the debt load is also essential. Knowing your income, your expenses, and your debt allows the consultant to work with you on a plan.
The 4 Pillars debt consultants offer confidential services for people in and around Victoria. Talking about debt with these professionals provides the opportunity to consider your options and choose the best way to work towards a debt-free life.
