Ways to Cut Debt You May Not Be Aware Of

If you have a lot of debt, it can easily become overwhelming. For many Canadians, debt has increased a large amount over the last few decades due to expenses rising and wages remaining about the same. The problem is that when you are in debt, improving your credit can be a huge issue. Having the right advice is important, which is why visiting a 4 Pillars debt consultant in Victoria can make a huge difference. Today we’re going to share a few ways to cut your debt that may not have occurred to you before now.

Don’t Be Afraid to Negotiate

If you are already dealing with creditors sending you mail or calling you for one or more accounts, it’s possible that you are in a position where you can reduce your balance. However, the requires agreeing with the creditor. Most creditors and banks are happy to take something over nothing and will lower what you owe in exchange for automatic payments or a lump sum. When going with this method, be sure you get the agreement in writing.

Consider Debt Consolidation

Most people with debt are dealing with multiple creditors. If you have outstanding balances from various banks, that also means you have different interest rates for them. Trying to pay each of them off while dealing with different payments and rates can be frustrating and confusing. If you get to work with a debt consolidation program, the stress can be over. Rather than paying multiple people each month, you have one payment a month, and often it has a lower overall interest rate.

Keep Track of Credit History

Nearly all of our personal and banking data is now stored on servers somewhere, which has made identity theft a problem. This can be a serious concern, especially after the debt is all paid off. You don’t want to find out someone has gotten into your business and is now dropping your credit score again. This is why it’s important to monitor and watch for fraud so you can get ahead of it if it happens.

If you’re looking for more help with your financial situation, consider seeking out a 4 Pillars debt consultant in Victoria.

For more information and a no hassle free consult, contact us us at 866-690-3328 today!