As an individual facing problems with making payments on credit cards, car loans, student loans, or mortgage payments, it can seem like you are the only person in Victoria with this problem.
In fact, debt is a reality for most Canadians, with 2019 data from the Bank of Canada shows that the typical households across the country have debt levels of 178 percent of their income. This means, for every dollar a Canadian family makes, they have debt of about a dollar and seventy-eight cents.
While this may be temporary for some families, it can also become a snowballing debt for others. As people struggle to make minimum payments, they are paying more in interest on a long-term basis, creating a greater risk for a financial problem as they live from month to month.
Debt consultants can work with individuals and couples in Victoria to manage and repay their debt effectively. Companies like 4 Pillars provide consultants to evaluate the current debt level and to explain the options to the clients. They can also help with budgeting and money management, helping to reduce the risk of the two most common causes of debt.
Credit Cards
A common issue the consultants at 4 Pillars hear from clients is around credit card debt. Using multiple cards, only making minimum payments, and using cards excessively for large purchases all increase the risk of debt.
Housing Costs
Owning a house is a positive, but owning a home when there is a loss of income or added expenses creates a problem. In these situations, the 4 Pillars consultant can be instrumental in discussing your options while retaining your home.
