Some Potential Options for Reducing or Resolving Your Debts in Victoria

Living with crippling debt can be difficult or in some cases impossible. Your creditors may have the legal option of garnishing your wages. They can also take the steps to seize assets like your car or lien your home if you default on what you owe.

Rather than live indebted to dozens of different creditors, you could get out from under these obligations by utilizing debt and credit counseling services. By using a service like 4 Pillars in Victoria, you can find out what all your options are and what results you can expect to get out of them.

Consolidating What You Owe

When you go through a company like 4 Pillars in Victoria, you will review the option of consolidating all of your debts into one sum. This combines all of the debts you owe to all of your creditors. You then can pay on that single amount every month with an amount of money that will be affordable.

Certain types of debt consolidation programs stop your creditors from taking further collection steps against you. They may also have to release garnishments and they have on your income. Each creditor gets a reasonable payment each month through the consolidation program until the new arrangement is compete.

Filing for Bankruptcy

When you owe more than you can possibly pay off in a reasonable time based on your income, you may consider filing for bankruptcy. Bankruptcy deals with many of your debts. However. Bankruptcy can also lower your credit score for several years but it allows you to escape crippling debts you cannot pay off quickly.

You can find out more when you make an appointment to discuss all of your options. Contact 4 Pillars Debt Consultants today.