Credit Counselling in Richmond Hill
Richmond Hill Credit Counselling Services
Nestled in South Central Tork, Ontario Richmond Hill is a beautiful place to call home.
Yet, beneath the facade of an affluent Canadian city lies a distressing truth.
Many of its residents are mired in personal debt.
So much so that they may feel that it has become a trap.
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And we’re not even talking about the high home prices, although this has certainly caused bottlenecking of many Richmond Hill residents’ disposable income.
Even without factoring in mortgage debt, the average Canadian household is over $20,000 in the hole– devoting over 14% of their disposable income to repaying their debts and over 7% going towards interest payments alone.
For decades now, we’ve had easy access to seemingly cheap credit.
As such, many of us have never needed to learn essential skills like budgeting or knowing how much to put into our savings every month.
But when we get into the habit of relying on credit to help us out of financial scrapes or treat ourselves to life’s little luxuries, we can pile debt on top of debt.
And this can make it much harder to stay on top of your principal and interest payments, and your debts can spiral out of control.
Are your debts affecting your quality of life?
When your debts grow beyond your ability to manage, it can prove seriously detrimental to your quality of life.
It can cause significant stress, which in turn can have a negative impact on your health.
Furthermore, when creditors send threatening letters, bombard you with phone calls and take draconian measures like Wage Garnishment it can exacerbate your stress and anxiety.
This can combine to make life far less enjoyable, and may even cause trouble in your relationship with your spouse.
Fortunately, you don’t need to live in a constant state of distress, depression and anxiety as a result of your debts.
Credit Counselling in Richmond Hill can help you to repair your finances and get free of debt quickly.
How Credit Counselling can help
There are a number of ways in which Credit Counselling can be effective in not only freeing you from debt, but the logistical and mental health consequences of debt.
Simply talking to someone about your debts is a huge step in the right direction.
It can prevent you from falling into the old habit of sticking your head in the sand while interest levels escalate and debts become harder to control.
Credit Counselling encourages you to re-frame how you think about your debts and be more proactive.
It can also…
Identify what led you to be in debt
If you’re to unshackle yourself from your debts, you need to better understand the circumstances that led to them.
Credit Counselling can help you to examine ans scrutinise the circumstances which led you to get into debt and look at alternative strategies to prevent you from making the same mistakes again and again.
Help you to find the best debt relief option for you
Credit Counselling isn’t just about improving your relationship with your debts, it’s about helping you to take action against them.
There are a number of debt relief measures which may be applied when your debts have grown out of control.
If your debts are relatively small ($10,000 or less) they may recommend a Debt Consolidation Loan to help you improve your credit score, reduce interest and make your debts more manageable, helping you to get debt-free faster.
If your credit rating is not conducive to this, an alternative may be to set up a Debt Management Plan.
This is a voluntary arrangement which can make your debts more manageable and drive down the amount which you’re spending on interest (or even eliminate interest altogether).
If your debts are significantly larger, or you have government debts or tax debts, a Debt Management Plan may not be applicable for you.
Nonetheless, you still have options.
A Consumer Proposal is a legally enforceable alternative to a Debt Management Plan, and can even help you to write off up to 80% of your principal.
A Consumer Proposal usually takes around 5 years to repay and will stay on your credit report for 3 years after the balance has been repaid.
In some circumstances, Personal Bankruptcy may be the best option for you.
However, a Credit Counselling service will help you to exhaust all other options before helping you to file for Bankruptcy.
Help you to establish good financial habits
The debt relief options above can help you to regain your disposable income.
But unless you put it to good use, you may lapse into old habits (and old debts) once more.
Credit Counselling in Richmond Hill also involves coaching you on how to better manage your money, get into the habit of saving and use extensive budgeting to keep your household finances under control.
We’re here for you!
Our name may be Bankruptcy Canada, but don’t let that fool you.
We can help with far more than bankruptcy.
We work closely with you to review all your available options and put a plan in place to get you debt-free faster and take control of your finances.
Since we first started out in 1999, we’ve helped over 100,000 Canadians from all walks of life to take control of their debts and live their lives free from the anxiety and frustration that debt brings.
Whatever you owe and whomever you owe it to, we can help you get the fresh financial start you need, regain your disposable income and put an end to punitive measures like Wage Garnishment.
Want to know more?
Call us today on today on (877)879-4770 to arrange a risk-free, zero-obligation and 100% confidential callback.