One of the problems that many people in Victoria face is an inability to see their financial challenges on the horizon. The debt consultants at 4 Pillars specialize in working with people trying to get out of debt. They have a keen understanding of the early signs of debt that are often ignored, downplayed, or overlooked by individuals and couples.
There are three early warning indicators of pending or current debt. Knowing how to spot these signs helps people in and around Victoria to reach out to a 4 Pillars debt consultant before it is too late.
Making Only Minimum Payments
Making only minimum payments on credit cards and other types of credit is a sign of potential problems in the future. Missed, late, or partial payments are other problems, all of which add to the amount of debt and prolong the time to paying it off.
Juggling Credit Card Debt
While it is smart to move credit card debt to the lowest interest rate option, juggling debt this way does not offer a benefit unless it is paid off. Some people even use new credit to pay current bills, which is another form of putting off the inevitable.
Increasing Credit Limits
Many creditors are happy to extend additional credit, knowing they will earn additional interest over time. Even small increases in credit can result in a significant increase in the amount of interest paid over the length of the loan.
Credit issues are a common problem for people seeking help from 4 Pillars. There are ways to manage this type of debt with early recognition of the problem as key factor.
