Breaking Bad Financial Habits With Assistance From 4 Pillars Debt Consultants

The average debt for Canadians was $23,496 in the first quarter of 2019. This information, reported by Equifax, was a 3.2% increase over the previous year, with the highest average debt ($34,527) reported for those Canadians age 46-55.

People in Victoria, as well as those across the country, do not plan to get into debt. While debt can occur suddenly, in most cases the debt is a gradual accumulation of loans, mortgages, credit cards, and student loans that eventually becomes too big to manage.

One of the services we provide at 4 Pillars Debt Consultants is education and support in breaking bad financial habits that lead to debt problems. While each individual is different, some of the common problems we see that lead to debt include:

• Large purchases grouped together – making large purchases or taking on large loans such as student loans, car loans, and mortgages can quickly add up. Individually the payments are manageable but grouped together they exceed income for the individual or the couple.
• Multiple credit cards – juggling purchases on credit cards and utilizing up to the maximum allowed limit is a common issue seen by 4 Pillars Debt Consultants. Ideally, use no more than 30% of the total credit on credit cards, and use one card for all purchases for easier management.
• No savings – it can be difficult to contribute to a savings account, but that cushion of cash is essential if there is an emergency. Having a savings account that provides the funds for 3 months of the budget prevents the need to rely on credit cards or additional loans.

To discuss your debt with 4 Pillars Debt Consultants, call us today at 866-690-3328. Our professional debt consultants can provide confidential help, support, and education.