How 4 Pillars Can Help You Leave Debt Behind
Are you anxious about attempting to secure a loan because you have a few blips on your credit history? Maybe you have poor credit, but you’re doing everything you can to turn things around. Even if you have fantastic spending and saving strategies you’re following, it can be hard to restructure your finances. One of the best options available is debt consolidation. 4 Pillars can help you review this as an option and work towards those loans and get you back on track to fantastic credit.
Defining Debt Consolidation
When you look at the information straight from the Government of Canada, you’ll see that debt consolidation is defined as a single loan that provides a way to repay all of your debts at one time. That leaves you with only one payment to worry about, which can be a lot easier to work around than multiple payments throughout the month. Debt consolidation has some fantastic benefits, which we are happy to share with you.
Lower Interest Rate
When you have multiple debts that means paying multiple interest payments. This can add up to a large chunk of your income and makes it harder to get everything paid off. With consolidation, that is no longer the case. You can pay off all those debts more quickly and choose a time frame that isn’t stressful to keep up with. This provides you with a foundation from which to put in place a new finance plan.
Less Pressure from Collections
Nobody enjoys getting collections calls every day. You can end all of those calls with debt consolidation with help from your 4 Pillars Consultant. If you have a few debts, you likely know how easy it can be to fall behind on one or more of them. This means your account is passed over to a collection agency. Every time this happens, it can affect your credit more and bring more calls to you. With consolidation, you can pay off all the balances and stop those irritating calls.
Better Credit Score
While your credit score doesn’t give a measure of who you are, it can be a major first impression when entering a financial relationship. Even if your credit is less than perfect, consolidation can help you. Consolidation can often even lead to a bump in your credit score, which can put you on the track towards better financial freedom.
At 4 Pillars we’re here to help you get back on track and reduce your current debt. You can learn more or get in touch with us at 4pillarsdebtconsultants.ca
Sources:
https://www.urloan.com/the-five-benefits-of-debt-consolidation/