Timmins Credit Counselling Services

Credit Counselling in Timmins, ON

Each year, a significant number of people living in Timmins and the surrounding area find themselves in financial trouble.

Credit card debt, car loans, and personal finance interest can all overwhelm their capacity to repay.

They can quickly find themselves in a runaway debt spiral.

Debt, however, isn’t just a financial problem – it is an emotional one too.

People who need to repay a lot of money can lose sleep and develop difficulties in their relationships.

If you find yourself in this position, you may want to consider Timmins credit counselling services.

The idea here is to provide you with professional financial support so that you can get your life back on track and restore normality.

The vast majority of people get into debt problems inadvertently.

For some people, circumstances can conspire against them, and they find themselves overwhelmed by repayment demands (even if they made prudent financial decisions).

Others spend too much, which leads to ever greater dependence on lenders.

How Timmins Credit Counselling Services Can Help You

Credit counselling is a form of assistance where an accredited debt counsellor works with you to resolve your financial problems.

They show you your options for getting out of your current predicament and introduce you to forms of legal assistance if you need them.

Hence, a credit counsellor can help you do the following:

 

  • Create a budget. If you are in a significant amount of debt, you may need to create a budget to help you work out whether you can afford to repay what you owe. A credit counsellor will sit down with you and talk to you about your current income, assets, and outgoings. You will both then create a budget to estimate how much borrowing you can afford to sustain monthly, without eating into your essential outgoings.
  • Debt consolidation. Many people choose debt consolidation to make their repayments more manageable. A Timmins credit counsellor can show you your options and the amount that the lender will ask you to repay each month.
  • Stop collection calls. If you are currently in debt and unable to repay, creditors (such as credit card companies, banks, and personal loan agencies) may call you to attempt to collect payment. Credit counselling services in Timmins can put a stop to this and manage debt collectors on your behalf, giving you peace of mind.
  • Cut interest payments. If you are in debt, making interest payments on the money you owe is expensive. As the pile you owe grows, you can get to the point where payments become unsustainable. A credit counsellor can help you find financial and legal means to cut these fees and put you back on the path to financial health.

 

Why Choose Timmins Credit Counselling Services?

For many people in a large amount of debt, credit counselling is essential.

Not only is it free in most cases, but it also helps to give you peace of mind.

No matter your financial situation, a credit counsellor can show you the steps that you need to take to avoid ruin, both monetarily and emotionally.

The first step toward financial health is to approach a licensed financial counsellor you can trust.

Professionals in these roles are often compassionate individuals who understand that nobody wants to be in debt.

They know how hard your situation is and don’t attach any stigma to it.

They know that life deals some people a bad financial hand, and there’s nothing they can do about it.

People can get into debt for reasons beyond their control, such as corrupt deals, business failures, predatory loan agreements, divorce, sickness, and unemployment.

Financial problems arising from misfortune are not a cause for shame.

Next, you will want to discuss your options with your credit counsellor.

Under the terms of their license, they have a duty to provide you with the advice that benefits you the most.

For some people, the best option will be to consolidate all outstanding loans into a single monthly payment at a lower rate of interest.

This option allows you to eliminate all your high-interest debt and avoid regular calls from multiple creditors chasing you for repayments.

For others, a Timmins credit counsellor may recommend bankruptcy or a consumer proposal.

Bankruptcy clears all your qualifying debts and prevents creditors from chasing you up for additional payments.

A consumer proposal helps you negotiate down the amount of money that you owe, allowing your creditors to receive some of the cash while making your payments sustainable.

Once you and your credit counsellor decide on the best way forward, they will help you put your plan into action.

Primarily, the role of a credit counsellor is to show you that you’re going to be okay.

They provide much-needed reassurance in a time of crisis.

Financial difficulties are a part of life – they come and go – and you can get through them.

Choose Independent Non-Profit Credit Counsellors

Some consultants and financial counsellors will charge hefty commissions.

Many will try to make money out of you by signing you up for debt consolidation loans.

Many credit counselling services, however, find this unethical.

When a person is going through a challenging time financially, it doesn’t seem right to burden them with additional costs for others’ gain.

Credit counsellors should act as a safety net, preventing people from spiralling into debt problems that they cannot control.

Ideally, therefore, you should choose to go to a non-profit credit counsellor.

When signing up for a credit counselling service in Timmins, check that the organization is accountable to national bodies, including Credit Counselling Canada.

Relationships with these organizations is a strong signal that the service submits itself to regular audits and follows ethical practices when administering advice.

The more transparent the organization, the better.

Credit counselling services may sometimes recommend bankruptcy if that is the best option for you.

However, speaking with them can help you find out whether any alternatives will work for you.

Go to counsellors today and eliminate your worry.

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