Debt Settlement: Stepping out of the vicious cycle of debt
Do you have credit card or any unsecured debt that you want to pay off as fast as you can? Do you find yourself trying to make bigger payments on your debt and then not having enough money to cover your monthly expenses and end up using the credit card to get by until pay day? Do you find yourself wanting to get out of debt, yet each month you seem to go deeper and deeper into debt? If so, keep reading.
I want to tell you a story about a couple who has been in that vicious cycle of desperately trying to pay off debt, yet kept going deeper and deeper into debt. Let’s call them John and Jane for confidentiality. John and Jane started off well meaning. They bought their first house and the house needed some work. They didn’t have the needed funds to complete the job, so they went to the bank and took out a line of credit. The plan was to make monthly payments on the line of credit until the amount was paid off. But then they had a baby and Jane stopped working which lowered their income, making it almost impossible to make more than the minimum payment on the line of credit. With lower income it also didn’t work to build a savings account so when things like new tires for the vehicle were needed they turned to credit for the money. Now when John and Jane’s children were a little older, Jane went back to work. The amount of debt on their line of credit had almost doubled and they had wanted to pay it off as soon as possible. So they tried putting as much money onto the line of credit as they could. The problem was that they put too much money onto the line of credit, and they didn’t leave enough money in their account to live off of. So they would use their credit cards to pay for their expenses. Then the credit card bills would come in and if they didn’t have the money to pay off the credit card, they would use the line of credit to pay it off. They kept going for a while like this until one day they realized that the amount of debt that they owed had nearly tripled. They had thought that they were doing alright because they were making payments every month, but their debt was just going up and up. How could this have happened? They didn’t have a plan so they fell into a cycle of debt that seemed impossible to get out of.
Does any part of this story sound familiar? If you are stuck in a rut of transferring money around and trying to pay debt with borrowed money, then you need debt help. We at 4 Pillars Winnipeg know all about the horrible cycle of borrowing money to pay the bills and feeling stuck. We want to help you off of that rocky path and onto the road toward freedom. 4 Pillars specializes in debt settlement plans, which is a way to lower your overall debt by making an agreement with your creditors to pay back a fraction of what you owe. This makes your payment smaller making it easier to get out of debt quickly while leaving you more money each month to pay your expenses.
If you would like to know more about debt settlement or if you need debt help, give us a call at (204) 201-2100 and we can set up a free appointment to go over your situation and offer advice for the best way for you to step out of debt and into a life of financial freedom.
