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How a Credit Counsellor Can Help You

Owing money is a very personal problem. Some people are embarrassed that they can’t pay their bills. Some are so embarrassed it keeps them from getting the help they need to get back on track. Asking for help is nothing to be ashamed of. We all find ourselves in need of help at various points throughout our lives. If debt is a problem for you, consider finding a Credit Counsellor. It’s a smart, responsible thing to do.

Remember, you’re not alone. If you want to take charge of your personal finances, get an expert on your side.

When is hiring a Credit Counsellor a good idea?

You might need professional help with your debt if:

You’re having trouble paying off your debt

Bills can pile up. Credit card debt is hard to manage because interest rates are high. If you can’t find the money to make payments, help is available.

You’re overwhelmed

Do you dread opening bills? Are you tempted to just shove them in a drawer? Not dealing with debt is the worst way to deal with debt. When you miss a payment, you damage your credit score. If you’re thinking, “I can’t deal with this,” it’s time to get help.

Collections agencies keep calling

It feels pretty rotten to owe money, especially when collectors keep calling. If your debt has gotten to this point, a Credit Counsellor can give you peace of mind.

What do Credit Counsellors do?

You make one payment each month to your Credit Counsellor. They then pay your creditors on your behalf. While the ease of one payment is nice, a Credit Counsellor’s real value comes from their ability to negotiate with creditors to lower your interest rates and try to remove fees.

What is a debt management program?

Debt is stressful. Having an action plan can help you sleep better at night.

A debt management program helps you pay off debt. Your Credit Counsellor will consolidate your debt into an affordable payment plan. The goal is to become debt-free in 60 payments or less.

What are the benefits of hiring a Credit Counsellor?

Getting out of debt takes time. Credit Counsellors help make it faster, easier, and more affordable. It’s worth the effort. Paying off debt is a much better option than bankruptcy.

Credit Counsellors also offer extra support. Ask about workshops, education, and one-on-one mentoring. After you’re out of debt, you’ll know how to avoid debt in future. With the right tools, your financial future will be bright.

How can a good Credit Counsellor help you?

A credit counsellor can help you:

Create a budget

A budget is a valuable tool. It’s a way to keep track of how much money you earn and how much you spend. You’ll know where your money’s going and only spend what you have.

Budgeting can do more than keep you out of debt. It can help you save money. You’ll be ready if an emergency comes up and be able to enjoy a well-earned retirement.

TIP: Once you create a budget, don’t forget about it. Check it regularly to make sure you are meeting your goals. If you can’t stick to the budget, you’ll need to find ways to spend less or earn more.

Consolidate payments

Let’s say you owe money on five different credit cards. Your Credit Counsellor will take on coordinating all the payments for you. You’ll just make one simple payment to the counsellor and they take over from there.

Freeze interest

A Credit Counsellor will negotiate with your creditors so that you pay less interest. They can reduce or eliminate interest and other fees. This means your payments will go straight toward the principal. You’ll pay down your debt faster.

Long-term planning

Your Credit Counsellor can offer you one-on-one counselling. Together you can talk about your financial situation. You’ll learn how to save money, control your spending and manage your money.

Avoid bankruptcy

Bankruptcy should be the absolute last resort. Bankruptcy will damage your credit. It also goes on your permanent public record. This makes it harder to rent an apartment, get a new credit card or apply for a car loan in the future.

Find the right fit

When you’re looking for the right credit counsellor, interview them.

Ask questions:

  • What are their qualifications (education, training, years of experience)?
  • Is the first consultation free?
  • What services do they provide?
  • Can they give you a list of their services in writing?
  • How can they help you to manage your money better?
  • Will they give you monthly statements to show what you have paid off, and how much you still owe?

Where to find a reputable Credit Counsellor?

When you need credit help, you’ll want to take the time to look for a reputable Credit Counsellor. If the counsellor works for an agency, make sure there are no serious complaints about the agency. Google Reviews, Trustpilot and Better Business Bureau (l’Office de la protection du consommateur in Quebec) are all good places to check.

Are you ready to tackle debt head-on? The professionals at Consolidated Credit Canada can help you get started. Get in touch to find the right Credit Counsellor for you.

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