We all face struggles with our finances at some point in our lives.
And while you may have been able to address your money troubles on your own in the past, there are some situations when you need a little professional guidance.
That’s where credit counseling services can help you to avoid what’s likely your last resort – filing for bankruptcy.
If you get help quickly enough, you may be able to achieve debt-freedom faster than you think.
What are the signs I need credit counselling help?
If you answer yes to any of the below questions, you should consult a credit counselling professional right away:
- Do you borrow money from friends and family to make ends meet?
- Do you reach – or exceed – the limit on your credit cards?
- Do you pay only the minimums on your credit cards?
- Do you take out cash advances?
- Do you take out payday loans?
- Are your utilities being turned off?
- Are you receiving collection calls?
- Are your wages being garnished?
- Are creditors threatening to repossess your items?
What are credit counselling services?
Credit counselling services provide you with the knowledge and tools you need to manage your personal finances effectively.
- The source of your financial struggles;
- The debt relief options available to you;
- Money management techniques to help you become financially secure, such as how to create a realistic, workable budget;
- The ins and outs of credit, such as how interest compounds and why paying the minimums on your credit cards is not enough; and
- How to develop a financial plan that supports your future.
Which credit counsellors should I choose?
The first and best place to start is to contact a Licensed Insolvency Trustee.
Licensed Insolvency Trustees are:
- Licensed and regulated by the federal government;
- The only professionals authorized by the Canadian government to assist debtors with insolvency;
- Able to provide you with a full range of debt relief services;
- Required to adhere to strict ethical standards;
- Required to obtain ongoing professional education; and
- Recognized as the nation’s leading financial experts.
How does credit counselling with a Licensed Insolvency Trustee work?
Your Licensed Insolvency Trustee will arrange a free, initial consultation with you.
After reviewing your financial situation, we’ll explain all the debt relief options available to you. These may include debt management, debt consolidation, or filing a consumer proposal or bankruptcy.
Our goal is to help you fully understand your options.
You’ll even get our unbiased, personalized advice about the best alternative for your situation.
This way, you’re armed with all the information you need to make the best possible choice for you and your family.
What about credit counselling services offered by other debt management companies or professionals?
These providers typically promote making payment arrangements with your creditors.
But unlike Licensed Insolvency Trustees, these companies and individuals:
- May charge you (unnecessary) upfront fees
- Are not federally licensed or regulated
- Are not required to advise you of all your available debt relief options
- May not have the professional or educational qualifications to help you
- Cannot offer you legal protection from your creditors; and
- May even charge you a fee to refer you to a Licensed Insolvency Trustee
With regards to this last point, you do not need a referral to a Licensed Insolvency Trustee. Simply pick up the phone to schedule an appointment with one!
Are you finally ready to stop living with your debt? Pick up the phone and schedule your free initial consultation today. And remember, the sooner you contact us, the more options you may have available to you. Let us help you get started on the journey to financial freedom.