2 Myths About Debt: Information From Your 4 Pillars Team

There are a lot of myths and misinformation about debt. Some of this is simply outdated information, while other information is from unreliable online businesses, blogs, or financial websites that are offering quick fixes for those that find themselves in debt.

Quick fixes to get out of debt are not realistic for people in Victoria with significant amounts of debt. However, by working with a 4 Pillars debt consultant, it is possible to create a short and long term strategy to address your current debt and to avoid future debt. Our team of debt consultants will review your specifics, make recommendations as to your debt relief options, and then work with you to increase your financial knowledge moving forward.

Here are two of the most common myths about debt we hear in the Victoria area:

• Credit scores do not matter – many people assume that a low credit score is not a consideration and will not impact their financial future. In reality, a low credit score can limit your chance to get a loan, buy a car or a home, or to obtain any type of credit in the future. It can also negatively impact employment opportunities or to rent an apartment or a home. A 4 Pillars debt consultant can work with you to manage your debt and rebuild your credit score.
• All debts are discharged in bankruptcy – while bankruptcy throughout Canada will discharge most unsecured debts, including credit cards, utilities, medical bills, Payday loans and arrears of taxes, it does not discharge all student loans, spousal or child supports, fines, or court-ordered payments.

If you have questions about your debt or how to proceed, contact the team at 4 Pillars Debt Consultants by giving us a call at 866-690-3328 today.