Debt is nothing new. It’s been around since the concept of money first evolved, and commerce developed. It’s a well-known issue that can wreak havoc on your financial life. However, despite that, millions of Canadians find themselves struggling with mounting debt. In fact, Canadian households today owe around $2 trillion in debt – that’s an astonishing, frightening amount. It does not have to mean financial insolvency, taking nearly a decade to recover from though. 4 Pillars can deliver a solution to help you with your crushing debt burden.

Where Is This Debt From?

$2 trillion is an incredible number – most of us cannot even comprehend it. To put it in a different light, the Bank of Canada reports that, after taxes, the average Canadian consumer owes $1.70 in debt for every $1 earned on the job. That should be a true eyeopener. However, where did this debt come from? What forces are working against our citizens? There is a surprising number of financial foes out there, including the following:

  • Credit cards

  • Student loans

  • Vehicle loans

  • Income tax/GST debt

  • Personal loans

  • Home loans

  • Pay day loans

  • Lines of Credit

These are just a handful of the types of debt that might be affecting your life. Moreover, each can have dramatic implications. For instance, being just a few dollars short in your checking account could cause a check to bounce, incurring overdraft fees from your bank, plus a fee from whomever the check was written to. That only compounds the situation. This could lead to late credit card payments, which then create additional black marks on your credit report, additional interest charges… It’s an endless, vicious cycle, and too many Canadian consumers today find themselves caught in that downward spiral. The good news is that the 4 Pillars can help.

How Can 4 Pillars Help You?

At 4 Pillars, we offer solutions unavailable through traditional channels, and we do so for one reason – we work on your behalf. We do not represent your creditors. We go to the table with your best interests in mind, determined to reduce your debt load, not to pad your creditors’ accounts.

We’ve helped countless Victoria Island residents find the financial relief they need. In fact, one of our Victoria 4 Pillars consultants recently helped a client struggling with over $71,000 in debt. In the end, the client was able to settle for just $11,400, rebuild and become educated on credit to avoid future financial challenges. We can do the same for you. If you’re struggling with rising debt, we invite you to get in touch with one of our expert 4 Pillars consultants.

Source:

https://www.bankofcanada.ca/2018/05/canada-economy-household-debt-how-big-the-problem/