Despite your best attempts to pay your bills on time, you may still find yourself bogged down with debts you cannot pay. Credit card bills, medical expenses, and your mortgage are just a few of the obligations that leave you cash strapped each month.
Rather than watch your credit score go down and your paycheck be taken in garnishments, you may want to use legal and effective ways to settle your accounts permanently. By meeting with one of the available debt consultants in Victoria, clients like you can find out what your options are for paying off what you owe or and dealing with your debt entirely.
Consolidating Your Debts
When you meet with one of your debt consultants in Victoria, you may be advised to consolidate all of your debt into a single amount. If your debts can be paid off in a timely manner, it might make sense to combine them all into a single amount. You can then make payments on this amount through the new debt consolidation loan each month.
The new loan will pay off all your creditors and you make one payment to the new loan.
Filing for Bankruptcy
Another option you have is to file for bankruptcy. This is the most extreme measure and all options should be reviewed. If you quality for this type of action, you could have most, or all, of your debts included in the bankruptcy. This will free you from the obligation of having to continue to pay on them.
The creditors also will have to release garnishments against you and avoid taking other collection activities to recoup your debt. Bankruptcy lowers your credit score for a few years but allows you to rebuild it progressively over time.
You can find more out about all options online and how to go about resolving your debt issues. Contact 4 Pillars Debt Consultants.
