Guelph Credit Counselling: Is Credit Counselling Right For Me?
Is Credit Counselling in Guelph Right For Me?
If you’re stuck in debt in Canada, you may not be sure what to do to improve your situation, escape the cycle of debt, and get your finances back on track.
More Canadians than ever are struggling with debt, particularly consumer debt from credit cards.
On average, each Canadian has about $23,800 in consumer debt, which includes credit cards, personal loans, and lines of credit.
So if you’re struggling with debt, you’re not alone.
It may seem difficult, but getting out of debt is possible, particularly with the help of Guelph credit counselling services.
Learn more about credit counselling below, and see if it’s right for you in Guelph.
What Do Credit Counsellors Do? Understanding The Basics
Not sure what credit counsellors do?
A credit counsellor is your advocate and ally when it comes to repaying your debts, improving your finances, and working toward a brighter financial future.
Typically, the following services are all provided as part of our Guelph credit counselling process.
- Teach the basics about budgeting & financial literacy – First and foremost, credit counsellors will work with you to help you develop a budget and an understanding of how credit and debt work. Financial literacy is essential because it provides you with the knowledge and tools you need not only to get out of debt but to avoid falling back into the cycle of debt in the future.
- Develop a debt management plan – After we’ve examined your finances, our credit counsellors will help you create a debt management plan based on your income, debts, and your budget. A debt consolidation loan, which allows you to “bundle” your other debts and repay them in a single monthly payment, is often part of this plan.
- Negotiate with creditors – As part of the process of developing your debt management plan, your credit counsellor may be able to negotiate a lower interest rate or reduce the amount you owe to each creditor, which makes it easier to repay your debts.
- Assist you in filing consumer proposals – A consumer proposal is an alternative to bankruptcy. With the help of a Licensed Insolvency Trustee (LIT), you may be able to present your creditors with a payment plan that will extend the time you have to pay your debts, reduce the amount you owe, or both.
- Help with bankruptcy proceedings – Bankruptcy is a last-resort option for people who owe significant sums of money and do not qualify for a consumer proposal or other types of debt relief. Our credit counsellors can help you learn more about the pros and cons of filing bankruptcy, and whether or not it’s right for your situation.
Depending on your own situation, you may need one, several, or all of these services from us.
So don’t wait.
You can get in touch with us now for a credit counselling consultation.
How Much Does A Credit Counselling Consultation Cost?
At Bankruptcy Canada, we offer credit counselling consultation services in Guelph.
Your initial appointment is completely free, with no obligations or strings attached.
We will keep all of your information safe and secure, ensuring your privacy.
We understand that it can be difficult to discuss your finances when you’re in debt.
Debt can often make you feel ashamed, and like you’ve made poor decisions in your life.
But at BankruptcyCanada, we promise to never judge you or your situation.
Everyone gets into debt for different reasons, and you can feel comfortable and safe discussing your situation with one of our polite, professional credit counsellors in Guelph.
What Can I Expect From My Credit Counselling Consultation?
Thinking about Guelph credit counselling services?
Not sure what to expect if you schedule a consultation with our friendly Guelph team?
Your credit counselling consultation will usually take 60-90 minutes and can be conducted in person or over the phone.
To begin, you and your credit counsellor will discuss the basics of your finances and your debts and have a conversation about your situation, as well as your overall goals and timeline for getting rid of your debts.
Together, you can talk about how you ended up in your current situation – and learn about your options for breaking the cycle of debt.
Next, your credit counsellor will pull your credit report from Canada’s credit bureaus, with your approval, and may request information from you about your income and monthly expenses, such as housing payments, car payments, credit card payments, spending on groceries, and other such essentials.
If possible, it is helpful to put together an overview of your monthly expenditures before your meeting, to ensure that your counsellor has all of the information they need to recommend the best path forward for your situation.
During this initial consultation, you and your credit counsellor will look at each of your debts and your overall spending to identify areas that may be causing your financial difficulties and to begin the process of putting together a debt relief plan.
By the end of your first credit counselling consultation, your credit counsellor will have a deep understanding of your financial situation and will be able to recommend a debt recovery plan that will help you get out of debt and repay what you owe.
Should you choose to keep working with our team, you’ll get more help building a budget, planning your debt payment plan, and much more.
We will work closely with you to help you get out of debt, and achieve your financial goals.
Get Your Free, Private, No-Commitment Credit Counselling Consultation Now!
If you’re struggling with debt in Guelph, don’t go it alone.
At Bankruptcy Canada’s Guelph office, we can provide you with the credit counselling services you need to get peace of mind, repay what you owe, and start living a debt-free life.
The sooner you get help from a credit counsellor, the sooner you can start your journey out of debt in Guelph.