Your Debt Consolidation Options – Explained by 4 Pillars Debt Consultants Victoria

Confused about your debt consolidation options? You are not alone. Each year, millions of Canadians cope with debt and seek relief and expert advice. Before you decide to try the DIY route, here is some advice on the two primary options you have – and which one we at 4 Pillars advise!

Debt Management

Debt management is similar to bankruptcy in that you will be responsible for repaying all your outstanding debt. However, in a debt management program, you will repay that debt in a single payment which is structured in a way that makes it lower than the collective monthly payments you are currently making.

Why do people choose this option? Because it allows them to slowly repay debt and rebuild credit, all while making good on all the debts that are outstanding. If this is what you would personally prefer, the 4 Pillars debt consultants in Victoria can connect you with the right agencies to help you create that repayment plan and start moving forward on your financial recovery plan!

Debt Reduction

For those who would prefer not to repay the entire amount of their debt, a debt reduction program might be the best choice. These programs can reduce the total amount of your overall debt by up to 70%. These programs also allow you to repay the remainder of your debt through a single, manageable monthly payment.

At 4 Pillars, most of our clients utilize debt reduction programs. These programs – also known as consumer proposals – allow you to retain your major assets. This means you get to keep your home and your vehicle, all while working to repay the remaining debt you have. You also have the benefit of a fixed monthly payment and do not have to recreate a budget every month. Your debt repayment expense is predetermined, making saving money and managing your finances moving forward easier.

If you need help choosing the next steps you and your family takes in reducing and managing your debt, give us a call here at 4 Pillars Victoria. We have the expertise you need to navigate the debt reduction process and refer you to the people who can help you make those moves. Do not risk your financial future on the limited and conflicting advice available online. Lean on the guidance of your 4 Pillars debt consultant in Victoria to ensure that your steps are the ones you should be making!