Debt has long been one of the hardest problems for normal people to overcome.
Life can be expensive, and the work you do won’t always be able to cover the things you need to spend money on, leaving many people to rely on loans to stay afloat.
While this isn’t always a problem, debt can quickly spiral out of control.
It’s all too easy to find yourself struggling with mounting debt, though Canada’s citizens can breathe easy; credit consolidation and counselling can offer all of the support you need to achieve financial freedom.
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What Is Credit Counselling?
At this point, you may be asking yourself “What is credit counselling?”
Many people find themselves struggling with their finances, but a credit counsellor can easily solve this problem.
By talking to you about your current finances, your budget, and your goals, a professional like this can develop a strong understanding of your finances.
They will use this information to offer suggestions and give advice that will help you to achieve your financial goals.
Here at Bankruptcy Canada, we’ve been providing credit counselling for more than 20 years.
What Is Debt Consolidation?
Debt consolidation can be an incredibly powerful tool for those who are struggling with multiple loans.
By moving all of your debt into one place, you will be able to reduce your interest payments, take longer to pay the money you owe, and won’t have to deal with harassment from creditors looking for their money.
Much like credit counselling, Bankruptcy Canada can help you to choose the right path when you’re working to consolidate your debt.
How Can A Credit Counsellor Help You?
Credit counsellors are often able to provide support options that loan providers simply can’t match.
Alongside the advice they offer, a professional like this will also be able to help you to choose the right services for your finances.
You can find some of the different options they will be able to offer below, though it’s worth getting in touch with Bankruptcy Canada if you’re considering these options for yourself.
Debt Management Programs
Debt management programs are designed to help those who are struggling to make headway with their debt.
This sort of option is usually only available through a credit counsellor, making it worth getting in contact if you like the sound of an option like this.
An agreement will be made with your creditors that outlines how you will pay the money you owe, using your current circumstances as the basis for the plans.
Lenders are often very flexible when people are going through this process, and will often wipe much of the interest payments you’d usually have to pay to make your monthly repayments smaller.
This makes it much easier to cover the cost of your debts, while also saving you a lot of money in the process.
Much like a debt management program, a debt settlement is an agreement that you make with a creditor.
This will usually involve agreeing to pay a lump sum to cover the cost of your loan, wiping it away in a single step.
Of course, most people will struggle to be able to pay their whole loan like this.
To make up for this, many lenders will accept settlements that don’t cover the full amount of the debt, especially if you’ve owed them money for a very long time.
Debt Consolidation Loans
Debt consolidation loans are long-term services that are designed to make it much easier to pay off your debt.
People often try to go it alone when they’re approaching something like this, only to find that they struggle to cover their debt when they use overdrafts or credit cards to consolidate it.
A credit counsellor will be able to help you to assess your debt consolidation loan options, providing you with advice and support that will help you to make the right choice.
Credit Support From Bankruptcy Canada
Bankruptcy Canada has been working with financial problems for more than 20 years.
With a team of dedicated experts behind us, we’re an excellent choice for those looking for credit consolidation and counselling support.
You can get in touch by calling at 1-877-879-4770 or emailing Gordon@BankruptcyCanada.com and we’ll happily provide confidential and obligation-free advice.