Bankruptcy Isn’t the Only Option: Debt Relief and Other Alternatives

People faced with extremely large debts often turn to bankruptcy as a solution, thinking that it’s the best way to get rid of creditors and start fresh. Bankruptcy however, should only be used as a last resort. Canadians are highly encouraged to first negotiate their debts and seek alternate debt relief methods before turning to bankruptcy. In many ways, bankruptcy isn’t exactly an easy way out of one’s financial woes. A declaration of bankruptcy stays on your credit bureau report for over 6 years, and until that expires, it will be extremely hard for you to obtain any credit. Furthermore, not all debts will be written off—secured debts like mortgages, car loans and student loans that are not 7 years old are excluded from bankruptcy, and so you still need to find a way to pay for these if you have them.
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Debt Consolidation for Young Canadians: A Fair Challenge to Take

Young adult life has its own twists and turns to take in the path to total maturity. In the course of it though, those circumstances may involve issues with finances, especially when the youth want to be more “in” with the latest trends. When the arrears pile up faster than scoring during a power play in hockey, you can ask help from people familiar with debt consolidation, such as 4Pillars’ Blair Greenwood in Victoria. Assessment The key to settling all your debts is to determine how much debt you currently have and which creditor you accrued them from. A post in the Young Adult Money blog recommends collecting all correspondences, such as your recent credit card and loan statements. Itemising them in order of amount and interest percentage will help give you a bigger scope of the problem.
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4 Pillars in Victoria Can Help Retirees with Their Debt Restructuring

Many people think that retirement is one of those times when you can spend your days in peace and quiet and not have to worry about work concerns. In most cases, they might have cashed in their pensions and lived off them. What if the accounts bled from overspending and you find yourself in debt? The above can give people in Canada, especially those retiring or planning to retire, something to ponder on. An international retirement survey by Natixis Global Asset Management/CoreData ranked “our home and native land” at No 14 out of 150 potential retiree-friendly countries due to relaxed quality of life and modestly good healthcare options. When you need better flexibility with your finances when you retire, and achieving that means settling your current debts, you can figure it out with a 4 Pillars debt consultant in Victoria, such as Mr. Blair Greenwood.
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Debt Counselling Consultants: How Much Debt is Too Much to Handle?

Almost everyone has experienced being in debt at some point in his or her life. In fact according to a report released by Equifax Canada, the average consumer has a total non-mortgage debt of just below $21,000. As almost everyone also knows, however, there is such a thing as too much debt. Do you feel like you’re struggling just to make ends meet? Is most of your income going directly to the collectors rather than your savings account? Here are a few tips from debt counselling consultants to help you know if you are way out of your debt comfort zone.
http://www.4pillarsvi.ca/debt-counselling-consultants-how-much-debt-is-too-much-to-handle/

Debt Relief: Know the Difference Between Secured and Unsecured Debts

Paying off huge debts can be a stressful ordeal. Fortunately, Canadians who may be burdened by too much debt can resort to several debt relief options. It is only a matter of choosing the right one for your individual needs. Debts fall in two major categories: secured and unsecured. Knowing the difference between the two can help you find the best debt relief option for you, by giving you a good idea on which ones to prioritize when the credit collectors come knocking.Unsecured DebtsUnsecured debts sound a bit threatening but they are actually the easiest to manage of the two categories. The most common example is credit card debt, while other examples are court-ordered child support, spousal support, student loans, medical bills, and payday loans. These debts do not require any form of collateral, which lenders can have hanging over your head to get you to pay.
http://www.4pillarsvi.ca/debt-relief-know-the-difference-between-secured-and-unsecured-debts/

Dealing with Post-Divorce Obligations through Debt Consolidation Loans

According to The Globe and Mail, about 70,000 divorces occur in Canada each year. Some wealthier couples are able to settle matters behind closed doors, and part ways without much damage to their bank accounts. Unfortunately, for many Canadian couples, divorce brings with it more than just heartaches. Those who can’t compromise or aren’t aware of their options end up in court, and more resources are expended as the emotional battle rages on. In many of these divorce dramas in Victoria, BC, at the end of the day, much of the funds set aside for college and one’s retirement savings have been used up, leaving both spouses to face a seemingly insurmountable debt, as if the emotional toil weren’t enough. Debts post-divorce are difficult hurdles, what with a broken heart to mend. Relieving yourself of the debt burden, however, could get your life back on track faster.
http://www.4pillarsvi.ca/dealing-with-post-divorce-obligations-through-debt-consolidation-loans/

Victoria 4 Pillars: Dealing with Creditors Smartly (If You Can’t Pay)

You barely have enough to pay the rent and the thought of facing your creditors is making your knees tremble. Before you resort to filing for bankruptcy, know that there are other ways you can get out of a sticky situation. Instead of hiding from your creditors, you can make arrangements that can create a win-win for everyone. Here are smart ways to deal with your debt collectors and how you can start staying on top of your finances. Be aware of your rights. Victoria 4 Pillars consultants understand that customers often experience harassment from aggressive debt collectors. Unprofessional collection agents tend to raise their voice and threaten debtors with lawsuit should they fail to pay up and close their account. By learning about BC’s Consumer Protection rights, no intimidation can make you take irrational actions, which may further jeopardize your finances.
http://www.4pillarsvi.ca/victoria-4-pillars-dealing-with-creditors-smartly-if-you-cant-pay/