Greater Toronto Area Credit Counselling Services

Credit Counselling Services in the GTA

Dealing with debt can be stressful.

If you can’t meet regular payments, or your credit card bills are spiralling out of control, credit counsellors in the Greater Toronto Area are on hand to help.

If money worries are getting you down, or you feel anxious every time a bill arrives in the mail or your phone rings, now is the time to seek advice.

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What is credit counselling?

Credit counselling is a personalised service, which is designed to provide support and information for individuals who are finding it difficult to stay afloat.

If you spend more than you earn, you use credit cards on a regular basis, or you’re worried about being able to pay bills or keep up with rent or mortgage payments, it’s wise to reach out.

Credit counsellors can help you to manage your money more effectively and they provide useful information and guidance related to financial products and techniques and methods that can be utilised to avoid bankruptcy.

The aim of credit counselling is to equip individuals with the tools and education they need to make well-informed decisions and to start taking steps towards a brighter and more secure financial future.

What are the benefits of credit counselling?

Credit counselling offers a host of benefits for those who are struggling to keep tabs on spending and individuals who are anxious about debt.

Advantages include:

 

  • Creating coherent plans for the future based on your personal circumstances;
  • Accessing expert help to take charge of negotiations with creditors;
  • Reducing stress and anxiety related to creditor calls and mounting debts;
  • Gaining a better insight into your financial situation;
  • Learning to budget and taking steps to prevent overspending and getting into debt in the future;
  • Saving money on paying off debts with the help of an experienced credit counsellor: credit counsellors negotiate on your behalf, and they can bring payments down substantially through techniques like lowering interest rates;
  • Exploring debt management methods and finding a way out of debt.

 

Who should look for credit counselling in the Greater Toronto Area?

If you live in the Greater Toronto Area, and you’re experiencing financial difficulties, you may be wondering if there is anyone out there who can help.

The answer is yes. Greater Toronto Area credit counselling services are designed to support individuals who are facing uncertainty or dealing with anxiety or stress as a result of money worries.

Surveys suggest that money is the most significant source of stress for over 40% of Canadians.

If any of the statements below apply to you, it’s worth thinking about reaching out to an experienced, reputable credit counsellor:

 

  • Your credit rating is poor and you want to improve your score;
  • You’re having trouble borrowing money;
  • You’ve lost, or you are facing the prospect of losing assets, for example, your car or home;
  • You cannot apply for more credit;
  • You think that bankruptcy is your only option.

 

Financial issues tend to get worse the longer you leave them, and seeking advice from a credit counsellor can help you move forwards and prevent the situation from developing further.

It can be difficult to pluck up the courage to make a call or send an email, but it’s crucial to remember that credit counsellors are there to help you.

They are on your team.

You should never feel embarrassed or ashamed to ask for advice.

What difference can credit counselling make in the Greater Toronto Area?

Statistics suggest that residents in Toronto are racking up debt at a faster rate than anywhere else in the country.

According to TransUnion, the average non-mortgage debt held by Torontonians increased by 5.49% between 2018 and 2019.

While the majority of people living in the Greater Toronto Area are able to pay off debts and keep up with repayments and credit card payments, some struggle to cover bills.

If you’re in a situation where you’re falling behind, you’re resorting to using credit cards to cover day to day expenses, or you’ve had loan offers rejected, it’s beneficial to explore credit counselling services.

You may be unaware of financial products or services that can help you improve your circumstances, and there may be ways for credit counsellors to reduce individual debts through negotiations with creditors.

Often, when you’ve got bills coming in and you’re counting down the days until payday, it can feel like there is no way out.

Credit counsellors can provide you with options and help you to feel less anxious and more positive.

There are steps you can take to forge a path that doesn’t involve living with debt.

 

Credit counsellors provide an array of services, which are tailored to the individual, to identify and implement solutions.

Examples include:

 

  • Financial analysis and evaluation: when you meet with a credit counsellor, they will take a closer look at your finances to gain an understanding of what is going on and to determine what can be done to improve the situation.
  • Budgeting and spending advice: budgeting is an excellent way to control spending, prevent overspending and gradually reduce debts. Working to a budget involves setting realistic limits.
  • Negotiating with creditors: receiving calls from creditors or debt collection agencies can be distressing. Credit counsellors can negotiate on your behalf. This is beneficial for two critical reasons. Firstly, you don’t have to worry about making or taking calls and this should reduce stress and anxiety levels. Secondly, credit counselling experts can get a better deal for you by lowering interest rates and establishing suitable payment plans. Bringing interest rates down can reduce the sum you owe dramatically.

 

Summary

Credit counselling services can be hugely beneficial for individuals who are anxious about money and those facing financial hardship.

If you’re looking for Greater Toronto Area credit counselling services you can trust, don’t hesitate to get in touch today.

One call could make all the difference.

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