Scarborough Credit Counseling
Credit Counseling in Scarborough, ON
Whether you’re a teenager looking to set out a budget before getting your first credit card or you’re looking for help on your existing debt and finances, credit counseling can be rewarding and educational.
With the appropriate Scarborough credit counseling, you’ll be able to make smarter future decisions with your finances, lower your existing budget, and learn what options you may have to improve your credit.
If you finding yourself panicked about the debt you may have, or you’re not sure where to turn to make your next payments, reach out to a credit counselor and finance expert at Bankruptcy Canada in Scarborough.
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What is credit counseling?
Credit counseling in Scarborough is precisely what it sounds like.
Professionally trained and certified counselors provide help and expertise on consumer debt, money management and budgeting, and help you decide the right options to put into place for your debt.
With an experienced financial advisor, you can formulate a plan for your finances and debt.
What can you expect from meeting with a financial counselor?
There are typically three stages of meeting with a credit counselor:
- Financial assessment;
- Personalized debt solutions;
- Budgeting and money management.
During a financial assessment, your Scarborough credit counselor will review all of your debts, your income, assets, and establish the scope of your finances.
At this beginning step, your certified credit counselor will ask thorough questions about your income, current spending routine, and discuss future money goals you may have.
During this stage, it is imperative that you be completely honest, and provide all your debts and credit information, since a full plan can not be put into effect if the counselor does not have the entire scope of the situation.
Since each debt solution is unique, your credit counselor will work to find one that works with your scenario.
You may find that debt consolidation may be best, or if you find yourself in a more severe financial situation, your counselor may outline and prepare legal documents to begin the process for either a consumer proposal or bankruptcy.
At this stage, your counselor will begin working with your creditors to stop any harassing calls, help to minimize or freeze interest, and set up any recurring payments.
While the initial step of a debt solution can be accomplished during the first meeting with a counselor, the process can be long-lasting.
If, for instance, you decide that a consumer proposal or bankruptcy is the correct choice for your financial situation, your counselor will help set you up with a licensed insolvency trustee, which is the first step in creating legal financial agreements between you and your creditors.
Finally, your expert credit counselor will help you establish a budget to move forward.
Using your income as a guideline, your counselor will help you manage your finances, and establish a household budget so that your debt does not get out of hand.
How can credit counseling help you?
With professional credit counseling, you can be on your way to getting your finances under control both short-term and long-term.
Here are some of the benefits of meeting with a debt expert in Scarborough:
- Discussing options. If you are in a financial position you had not expected, and aren’t sure where to turn, a credit counselor may be able to present to you options you simply hadn’t considered before. When you’re overwhelmed, stressed, and feel like you’re drowning in debt, it’s hard to recognize the various options you may have. That’s what credit counselors are for. If you can’t imagine a life where you’re not stressed about finances, turn to an expert in the field.
- Debt consolidation and debt repayment plans. When you’re struggling to make payments to various creditors, a credit counselor can help by consolidating all your payments into one monthly payment that is then dispersed to each creditor. An outlined repayment plan will help to ease your anxiety each month when you know the exact lump sum you need to pay.
- Reduce interest rates. Credit counselors can often reduce the interest rates put upon you by your creditors. By paying more of the principal, rather than interest, you’re paying down the actual debt. This means you have less of a financial hole to dig out of.
- Manage harassing calls from creditors. If you’ve started turning your cell phone on silent because you know all incoming calls are going to be creditors, a credit counselor can help mitigate those calls by directing them to them directly. In some circumstances, such as with an established consumer proposal, creditors are legally required to call your trustee instead of you.
- Have your counselor negotiate with your creditors directly. Scarborough credit counselors may be able to reduce your debt by speaking directly to the creditor.
- Create an easy-to-follow spending and budgeting plan that you can follow long-term.
- Educate you on how to improve your financial situation, and teach you the repercussions of debt. For someone just establishing good credit, this is a fantastic way to become knowledgeable about debt and credit.
- Establishing new credit. If you’ve been fighting to pay back loans, credit cards, mortgages, and other debt, you may have gotten ahold of your debt. Congrats! If this is the case, you’ll want a credit counselor in your corner to negotiate with future lenders to get applications approved so you can begin building your credit back up.
- Improve or help you maintain a good credit score. High-interest rates, high debt, and missed or late payments can all contribute to bad credit scores. Address these directly with your counselor to achieve a good credit score.
Is credit counseling in Scarborough right for me?
If you’re spending time worrying about your finances, it may be time to seek out professional credit counseling.
With trusted experts, you can get your finances back on track so you can manage all your living expenses and allow you to move forward.
If you’re unsure where to turn, or how to manage your debts and current line of credit, reach out to the professionals at Bankruptcy Canada.
With offices all across Canada, we are the financial experts in Scarborough that can help you turn your life around.