Common Mistakes Seen By 4 Pillars Debt Consultants

It is very normal and natural for people in Victoria to attempt to correct problems on their own. This is especially true when the issue is financial, and at first glance, it seems easy to be able to juggle payments and make up for missed installments on loans or payments on credit cards.

While these individuals have the best of intentions, there are some common mistakes that 4 Pillars staff hear when meeting with clients for the first time. Often the mistakes are made due to misinformation posted online, US-based financial and debt management advice, or simply failing to understand the consequences of poorly planned financial decisions.

A Scattered Approach

One of the most common issues seen by our team at 4 Pillars in Victoria is a scattered approach to managing debt. There is no clear path or plan, and the individual or couple may pay off one bill this month, they make partial payments on all bills the next.

This tends to increase fees and penalties and wipes out any benefits of making payments. It can be frustrating to go without luxuries to try to pay down debt only to see it increase every month.

Adding to Debt

Unfortunately, many individuals assume that getting another credit card or taking out a loan or line of credit can help to reduce the current level of debt. If this is not structured correctly, it only adds to the debt load, resulting in greater problems in meeting monthly payments.

For a comprehensive review of your debt, book a consultation with 4 Pillars. Our debt consultants will evaluate your situation and make recommendations for paying off your debt while avoiding common mistakes.