Credit Counselling in Regina, SK
Debt is as much a financial issue as a mental health one.
When late payments accumulate, it can be difficult to keep a cool head.
Receiving unpaid notifications from your creditors can be a wake-up call for many debtors.
Unfortunately, when your financial situation doesn’t let you act upon it, the unpaid bills can accumulate until your creditors pass the issue onto a collection company.
It can only increase your stress levels.
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But, it’s unlikely to solve the problem if you struggle to make payments on time.
For Regina residents, debt is often the result of a combination of bad luck, life events, and problematic financial management.
What makes it even difficult to overcome is that each late payment causes accrued costs.
It’s not uncommon to feel overwhelmed by debt, both financially and emotionally.
There is more than one way of regaining control of your debt.
Credit counselling in Regina helps individuals to become debt-free by setting a custom plan that will support debt repayment.
If you are wondering how credit counselling can help you take back control of your finances and get rid of debt stress, here’s a brief overview of what it can do for Regina residents:
What debts can you manage?
Credit counselling offers support to those who find it hard to repay unsecured debts.
Unsecured debts can come in a variety of form, but the most common ones are the following:
- Lines of credit;
- Credit card debts;
- Unsecured loans that have no collateral asset (unlike a car loan or a property mortgage).
As credit counsellors help you repay the totality of your debts; the sooner you set up an appointment, the faster you can find financial freedom.
You don’t need to wait until you’re dealing with collection companies, for instance.
Someone who has maxed out their credit cards and can only afford to make each month the minimum balance payment is already at the start of a vicious debt cycle.
Regina credit counselling services can help to reduce financial pressure and repay credit card companies before the debt gets out of control.
Similarly, someone who is making late payments because their current account balance doesn’t enable them to pay on time accumulates a high interest rate on repayments, which puts additional pressure on their financial situation.
How do credit counselling services help?
Regina credit counselling services can provide debtors with the financial room they need to make payments on time.
What makes credit counselling an effective debt management tool is that it can be utilized very early in your debt journey.
You can reach out to a counsellor to discuss a debt management program that lets you repay 100% of your debt by removing financial pressure.
A credit counsellor can help you manage your finances in many ways to get back on track.
Debt freedom becomes a reality for those who can follow the debt management program.
In principle, credit counselling enables debtors in Regina to consolidate all their debts under one monthly payment.
The program creates financial ease for debtors by cutting down on interest costs during the repayment period, which can be enough to get through substantial debt amounts.
Most counsellors also work closely with their customers to create a sustainable budget that makes managing payments easier.
The advice will help rebuild your credit rating over time, as the credit score improves as the debt reduces.
Gaining back control over your financial situation also dramatically decreases stress levels.
Credit counselling also guarantees that creditors stop all collecting actions, including calls from collectors.
For someone struggling with daily calls chasing payments, putting an end to the call harassment situation will instantly improve your mental health and sleep!
How can you get started with credit counselling in Regina?
Reputable credit counselling companies don’t request any payment for the first consultation.
They use the time to get to understand and assess your situation.
Therefore, it is a good idea to prepare as you make an appointment with a counsellor.
You can collect all information detailing your finances, including how much money you earn, how much you owe your creditors, your household expenses, and a full list of all your creditors.
It’s fair to say that credit counselling will help to manage most unsecured debts.
However, government debts such as CRA taxes can’t be managed through credit counselling.
Nevertheless, managing other debts can give you sufficient financial freedom to tackle other debts.
You don’t need a referral to schedule an appointment with a financial advisor.
Credit counselling in Regina may not always result in a debt management program.
Some customers can already improve their situation through budget and finance advice.
Can Regina credit counselling cancel my debts?
A debt management program lets you repay 100% of your debts.
It decreases interest rates on repayments, but it doesn’t diminish the amount of money you owe.
Your debts will also continue to appear on your credit report, albeit they will reduce over time.
When you follow a credit counselling program, it also appears for up to 6 years after the date of filing in your report.
Your credit rating is, therefore, affected by the debt management program.
But, working with your credit counsellor in Regina will ensure that you know how to rebuild your credit score.
How can I eliminate my debts in Regina?
If a credit counselling plan isn’t suitable, you can consider other options to reduce the amount you owe.
In which case is Regina credit counselling not the right solution?
If you can’t afford to repay 100% of your debt despite the interest rate decrease, a licensed insolvency trustee can help you stop creditors’ actions.
Trustees provide two types of financial plans that eliminate your debts:
- A consumer proposal, which can reduce the amount you pay by up to 80%. The debt is forgiven at the end of the consumer proposal;
- Filing personal bankruptcy will make you debt-free in as little as 9 months for a first-tile filer.
How to find a trustee in Regina
If you are unsure whether credit counselling is the right approach to manage your debts, you can get in touch with a licensed insolvency trustee in Regina to assess your options:
- BDO Financial Restructuring Services, 306-500-0462
- MNP Limited, 306-500-5839
Don’t let debt drain your finances.
Get in touch with a trustee to discuss credit counselling in Regina and other debt relief solutions.