Options A 4 Pillars Debt Consultant May Suggest For Debt Relief

Everyone is a unique individual, and everyone’s debt is different, so a personalized approach by a 4 Pillars debt consultant is essential to most effectively find debt relief. Unfortunately, many people attempt to use a cookie-cutter approach to debt relief, only to find out it simply does not work for their financial and life situation.

When individuals or couples come into 4 Pillars, our first goal is to gain a full understanding of your financial picture. This includes your income and your current debt, including all types of secured and unsecured debt, as well as the status of your various accounts.

This helps our team of 4 Pillars debt consultants to make the best recommendation based on your specific financial and debt situation. There are several different debt relief options available to Canadians, and some can provide for complete debt repayment in a very short period of time. However, these are not always the best answer, and more extended repayment of the debt over time may have benefits that are worth considering as well.

Consolidation Loans

Individuals with higher credit scores may wish to consider a consolidation loan. This allows the individual to take out a single, lower-interest loan and pay off high-interest credit cards and other debt, allowing them to make one lower payment over the term of the loan.

Informal Proposal to Creditors

Depending on the type and amount of debt, an informal proposal to creditors may be an effective option to consider. This is often most effective when completed early, and before missed payments are a problem.

Other possible options to consider include formal Consumer Proposals and lump sum settlements, both of which are also effective for some individuals. To talk to our debt consultants about your options, call us at 866-690-3328.