Debt Consultants In Victoria Provide Education On Credit Management

It is not uncommon for the people we work with at 4 Pillars to have limited if any specific education or training on credit management. At the same time, credit card companies, lenders, banks, credit unions, and even retailers encourage people to take out credit cards or to borrow money for everything from home improvements to holiday shopping.

Credit Use is Not Bad

Credit, or the use of credit cards or money borrowed for specific types of purchase, is not inherently a bad thing. However, not understanding the impact of using credit and how it impacts your financial health is an essential consideration.

Our debt consultants work with people throughout Victoria to provide individual support and education around credit management. This education is offered as part of the assistance we provide for our clients to help them change unhealthy credit habits.

Types of Debt

Secured debt is typically considered a healthy type of debt, providing the monthly repayment amount is within the budget. Secured debt includes some time of asset used as collateral, such as a car loan or a home mortgage. In paying for the item, the consumer builds up equity in the asset, and the payments are fixed over the terms of the loan.

Unsecured debt is what is most problematic for most people. Our debt consultants can help people in Victoria to learn to avoid the use of credit cards to buy items and create a balance on the account. This balance increases with interest and fees, which creates a financial problem for most people.

If you are interested in learning more from our debt consultants at 4 Pillars, contact us today at 866-690-3328.