Credit card debt is one of the most common types of debt in households across Victoria. It is not uncommon for a 4 Pillars debt consultant to talk to a couple or an individual who has excessive and long-standing credit card debt.
This can seem like a never-ending financial drain that just keeps getting bigger. When only the minimum monthly payment is possible, it can take decades to pay off credit card debt, easily tripling the amount required to clear the account.
By working with a 4 Pillars debt consultant, it is possible to take a structured and effective approach to pay down this debt. The key is to be able to customize the repayment approach to match the debt amount, the most effective strategy, and the specific financial factors impacting the individual, couple, or family.
Start Today
To get started, here are a few tips from a top 4 Pillars debt consultant in Victoria to consider to tackle paying off credit cards and reducing the amount paid in interest over the term of the repayment process.
- Make a list – write down the debt on the various cards where balances are owed. Note the interest rate on the card as well, and if any fees or fines are being assessed on the card.
- Start at the highest interest rate – the highest interest rate is adding the most to the amount of money to be repaid. In paying off the high-interest rate cards first, there is actually more money to go towards the principal on the next highest rates and so on.
- Pay the minimum on all cards – while it is important to pay off the high interest rate cards first, it is essential to keep making payments on other cards and loans as well.
This can be challenging and difficult, as well as confusing to structure. Talking to a debt consultant allows you to develop a customized plan to begin your journey to living a debt-free life.
The first step in managing credit card debt is to talk to a 4 Pillars debt consultant in Victoria. To schedule an appointment, contact us at 4pillarsdebtconsultants.ca.
