Credit card debt is problematic for many people, and often it occurs when life events result in more substantial spending on high interest types of cards. This can occur if unexpected expenses occur, such as major car repairs, using a credit card to pay off other debt or using a credit card for your monthly spending while paying off loans with your income.
For those living with credit card debt in Victoria, trying to get out of this type of unsecured debt can be extremely difficult. The interest and late payment fees on the cards keep mounting, and even when making minimum payments, consumers may be looking at thousands of dollars in interest and ten or more years to pay back the balance. Of course, if you use the card throughout the process, both the amount of interest paid as well as the time to pay off the card continues to increase.
Taking Stock
Working with an experienced 4 Pillars independent debt consultant is an important first step for people with credit card debt in the Victoria area. These professionals take the time to understand how the debt occurred and then work with the client to develop an effective strategy to address the debt in a realistic, proactive way.
By taking this approach, the client may have more than one option to consider in paying down the credit card debt. Understanding the benefits and potential challenges of each option allows the individual to make the choice that is right for them, but still have a plan and professional support to address the debt issue.
Learning for the Future
Another aspect of the support and help from 4 Pillars is an understanding of the missteps that created the credit card debt. Just like the plan to resolve the debt, the ability to work through how the issue developed is personalized, allowing clients of 4 Pillars to make meaningful changes in how they handle their finances in the future.
Meeting with a debt consultant at 4 Pillars in Victoria is the first step in taking control of your financial future. To find out more, see us online at 4pillarsdebtconsultants.ca.
