Credit Counselling in Thunder Bay, Ont.
Debt is always a challenging task to deal with, whether as an individual or as a business.
Even during times of economic strength – when business is booming and the dollar is high – debt is a persistent issue.
The concern becomes even more dire during economic downturns – times when businesses close and the dollar reaches surprising lows.
The impacts of the larger economic picture impact individuals throughout Canada, which is why learning about Thunder Bay credit counselling services is more important than ever before.
Even in the first quarter of 2019, the average consumer debt is quoted at roughly $71,000 by an Equifax report.
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Now that the nation is facing unprecedented hardship, this amount is only growing.
However, even though debt is a common fact, not knowing how to properly manage it is equally as common.
In fact, many individuals and businesses are unaware of the free credit counselling services available in their area.
Credit counselling is the first step to freeing yourself from the stress and anxiety caused by unmanageable debt.
When financial situations get too difficult to handle, credit counselling is there to assist you in generating a plan of action to address your monetary situation, responsibly pay debt, and get your life back on track.
Non-Profit Credit Counselling
What many do not know is that credit counselling is often done on a non-profit basis.
This means that specific criteria must be met by the non-profit organization agency, such as proving it serves a public cause, answering to a board of directors, and clearly setting out its goals which, naturally, serve a greater good.
In the case of credit counsellors, this good is assisting consumers and businesses in financial management to pay debts responsibly and in a feasible way.
Thunder Bay Credit Counselling Services
These financial professionals offer so much more than a fresh set of eyes, the group facilitates financial wellbeing by offering a comprehensive set of services.
These typically include:
- Generating a budget including a plan for spending: This enables you to account for all of your living expenses and ensure that your payment schedules account for your day to day needs.
- Payment arrangement modelling: Basically, this entails arranging all of your amounts owing in a comprehensive way. Often, this includes something called credit consolidation. The goal is to reduce both the interest and amount of your monthly payment to maximize your quality of life while also paying down your debt.
- Debt consolidation: Essentially, this is the act of compiling all of your different debts together under one umbrella loan. The benefit of this common approach to debt management is that it enables you to see major savings in the long-term, while also reducing the amount you pay on a routine basis. This method reduces your monthly payment and offers a better interest rate than your existing arrangements.
With these arrangements, you get the advantages of stress relief and the knowledge that your debt truly is manageable.
Not only will collection agencies stop calling you, your credit gets the opportunity to improve and your financial life gets back on track.
Business & Personal
Debt is a common problem – not just for individuals, but for companies too.
While large scale corporations may have the benefit of in-house advisors, smaller businesses often fall through the cracks because they simply do not know how to manage debt.
Thunder Bay credit counselling services account for both individuals and companies.
In terms of individuals, the counsellor goes through your regular food expenses.
They consider things like housing payments, food expenses, car insurance, and more.
By doing this, you get a full picture of your finances and get the benefit of learning exactly what you can afford in terms of debt payments.
When it comes to businesses, credit counsellors take a similar approach.
Considering the liabilities (debts) of the company against both their fluid assets and revenue streams, a plan is generated to enhance their financial portfolio while reasonably managing debt.
Values of Credit Counselling
Perhaps the chief benefit of credit counselling is the overall improvement to your wellbeing.
Not only does the opportunity facilitate your financial health, it actively improves your quality of life.
Instead of having to consider multiple different loans and debts; multiple different monthly payments and rates of interest, you can focus on making one streamlined payment.
You get the advantages of a clear-cut financial plan and the relieving knowledge that you truly can afford the scheduled monthly payment.
With credit counselling, you do not have to worry every time the phone rings, thinking that it may be an angry creditor.
Debt consolidations means you get a fresh start, free from the bonds of your existing creditors.
You start from scratch with a new, affordable loan, on good terms with your new creditor.
Better to Act Early
The best way to ensure your financial health is to act early.
Credit counsellors offer you the opportunity to avoid bankruptcy; to instead take your financial situation by the reins and regain control of your life.
Of course, this works best if you take the action as early as possible.
Perhaps you do not know whether credit counsellors can help you.
Maybe you are wondering how you can benefit.
The ideal way to find out is to set up a free consultation with a Thunder Bay credit counsellor and see for yourself how they can help you specifically.
Final Thoughts on Credit Counselling
Everyone benefits from a solid and responsible financial arrangement.
So, if you find that you cannot pay your monthly bills; that debt is beginning to choke out your wellbeing, reach out to a trusted credit counsellor in Thunder Bay to discuss getting your monetary situation back on track.
You deserve the freedom that comes with properly handling your debt situation.
Take the opportunity to assert your command over your finances – avoid the potential pitfalls of bankruptcy and act early.
Thunder Bay credit counsellors are standing by to assist you – so do not delay, get started right away.