Canadian household debt to disposable income is reaching 165%. Personal debt is now higher as a percentage of household income in Canada than in the U.S!
Consumer debt has become the single biggest threat to Canadians financial future and increasingly the focus of the media and an anxious society yet it is still the most over looked piece of every financial plan. As an example to illustrate the common strange beliefs we have about debt. Even if a Canadian has a very small amount of money to invest (such as five to ten thousand dollars), they will read blog posts, get professional advice from their bank or a financial advisor, and even buy a few books but debt retains a sense of stigma which leaves people feeling alone and afraid to address their problems, with often damaging short term and long term results. Debt is often hidden, embarrassing and something we try not to speak about. If you find yourself in a position that the amount of debt you are servicing means it is restricting achieving your long term financial goals or you are even considering bankruptcy, consumer proposal or just unable to pay your bills – then you need independent advice as you would with any other major financial decision. It’s very rare that we will go through life without experiencing any type of money troubles. The older we get the more responsibilities we have, and the greater the financial challenges become
Unfortunately the debt industry and the role everyone plays in it has become very confusing for a consumer and it is often unclear if you are really getting truly independent advice with the majority of companies in the industry advertising options to deal with debt that actually represent the interests and needs of the creditors. For the average Canadian facing what can be the most stressful time they will ever face this can be extremely difficult to navigate. Surely the debt advisory business is simple – you either act for the creditor, or act for the debtor – It seems impossible that you can provide sound impartial advice to both.
The most important question a stressed debt rarely asks is, “Do you work for the creditors or represent the creditors in anyway?” If the answer is yes, it’s probably prudent that the debtor takes their business elsewhere or at least reviews all the other options available so they can make an informed decision. It really is time for consumers to take back control of the outcome of how they deal with debt and any financial restructuring programs they enter and ensure the terms agreed and negotiated are on their terms not the creditors and ensure the plan fits with their long term financial goals. Debtors have the right to ask questions and challenge what they are being told. What is good for the creditors and the companies representing them is not always good for the debtor.
This growing sector is providing many opportunities. 4 Pillars Consulting Group is one of the largest independent debt restructuring companies in Canada with 50 offices across the country. The role of 4 Pillars is to represent the interest of the debtor, not the creditor. That is their mandate and everything they do is governed by this.
Last year 4 Pillars successfully restructured $100 million in consumer debt. But debt restructuring is only one service they offer, they also provide clients with cash flow analysis and one of the most comprehensive credit rebuilding programs in Canada. In addition, they help small and medium size business financially restructure to remain viable and become profitable. All the above services provide the franchise owner a unique and rewarding way to earn revenue and help Canadians create financial stability. 4 Pillars are huge supporters of the financial literacy movement in Canada and provide a rewarding business opportunity that truly changes lives. 4 Pillars continue to grow their exclusive product lines to ensure they continue to provide the most comprehensive service available to Canadians facing financial challenges and ensure they remain the most innovative company in the financial services industry.