Credit Counselling Services in Canada
What is Credit Counselling?
When you’re grappling with financial issues, it’s time to consider credit counselling. This is a practical and effective strategy for individuals struggling with paying bills, managing debt, and maintaining their credit scores. It is a service that helps you identify the best solutions based on your debts, credit, and budget.
What is Credit Counselling?
Credit counselling refers to the process of providing guidance and advice to individuals on how to manage and eliminate their debt. This is often carried out by trained credit counsellors who provide services ranging from individual counselling to debt or money management plans.
Note: Credit counselling can be a helpful first step to review your debt, help you handle collection calls and offer advice on a path forward.
Counsellors assess the current state of your finances and help find options for you, whether that’s a credit card consolidation loan, a plan to manage debt, a consumer proposal or bankruptcy. They can also help with budgeting, spending habits, and credit use.
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How Does Credit Counselling Work?
Initial Consultation and Budget Analysis
The credit counselling process usually begins with a free phone consultation or online inquiry. During this session, a trained credit counsellor will ask you for some basic information about your financial situation, such as your credit card debts and loans, as well as your income and expenses.
The objective of this step is for the counsellor to develop a clear picture of your finances. This will help determine which debt relief solution is the best option, based on your needs, credit, budget, and goals.
Exploring Debt Relief Options
There are multiple ways to get out of debt. The credit counsellor will explain all the options available and help you understand how they compare. Then they will recommend the best option to use given your unique financial circumstances.
Customizing a Debt Management Plan
If a debt management plan is the best option for relief in your unique financial situation, the counsellor helps you enroll. You will work together to find a monthly payment that works for your budget. Then the team will get to work and contact your creditors.
During your enrollment in the program, the counselling team provides ongoing support and financial counselling. This part of the program requires small monthly fees, which are based on your total debt and budget.
Ongoing Financial Counselling
The last step in the credit counselling process provides ongoing education as you work through your debt management plan. You can use these resources to build a budget, learn how to improve your credit, and set practical goals for saving.
Why Opt for Credit Counselling?
Working with a financial expert through credit counselling can give you a new perspective on your situation and provide you with concrete actions to take to reach your financial goals. Although it does not reduce the total amount of debt principal you owe, it can negotiate to reduce the interest rate on your debt and sometimes lower your monthly payments.
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Choosing a Legitimate Credit Counselling Agency
Not all credit counselling services are alike. It’s essential to take some time to research companies and credit counselling agencies. The Financial Consumer Agency of Canada recommends ensuring that the agency is in good standing with a provincial or national association.
If an agency claims they are part of a government program, consider contacting the government department or agency that oversees that program to make sure. And remember, if something sounds too good to be true, it probably is.
Impact of Credit Counselling on Credit Scores
If you choose a debt management plan, consumer proposal, or bankruptcy, all of these will impact your credit scores for some length of time. This may have a negative impact on your credit score, but the penalty remains for a shorter time than other solutions.
Not‑For‑Profit Credit Counselling
Not all credit counselling services are not-for-profit. For-profit credit counselling services tend to have higher fees and may be driven by generating profits. On the other hand, not-for-profit credit counselling organizations exist to serve a consumer’s best interests. They only recommend a debt management plan if it is in the consumer’s best interest.
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Conclusion
Credit counselling can come in handy when you’re trying to resolve debt while avoiding bankruptcy. However, every situation is unique, and exploring all of your options will help you make the best decision. Don’t hesitate to reach out to a credit counsellor if you’re struggling with debt. The right help at the right time can make all the difference in your financial health.
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Free Credit & Debt Counselling Services in Canada
If you are feeling overwhelmed by your debts, experiencing sleepless nights, or facing strain in your relationships due to financial worries, our services can provide assistance. We cater to individuals across Canada.
As a leading provider of non-profit consumer credit counselling and debt solution services in Canada, we have been recognized with awards. Our team of experienced, trained, and certified Counsellors are equipped to help you formulate a plan that can:
Restore stability to your finances and create a budget to effectively manage your expenses
Consolidate your debts in Canada into a single manageable payment
Put a stop to creditor collection calls
Generate significant interest savings, potentially amounting to thousands of dollars.
Stop Debt Collectors’ Calls with Credit Counselling
For over two decades, our Credit Counselling Agency in Canada has been dedicated to assisting individuals in Canada, like yourself, in achieving freedom from debt. We understand that anyone can find themselves overwhelmed by debt at any stage of life, and seeking debt relief may feel embarrassing. However, it is important to remember that there is no shame in your situation, and seeking professional help for your debt is a proactive step.
At BankruptcyCanada, we empathize with your circumstances and offer professional assistance that is completely confidential. Since 1999, we have earned the trust of Canadian residents by providing services such as Debt Consolidation, Credit Education, and Credit Counselling. Our team boasts over 80 years of collective experience in communicating with Canadian creditors, eliminating harassing calls from debt collectors, and collaborating with credit grantors.