6 Signs That You Might Need Credit Counselling
Credit Counselling helps in any situation involving out-of-control debt problems. The general rule is if your monthly debt payments, not counting mortgage or rent, exceed 20% of your income, you’re headed into trouble and you should speak to an expert. Here are a few telltale signs that you may be mishandling your money and would benefit from the expert advice of a credit counsellor:
- Out of Cash. You are using credit because you don’t have the cash on hand and paying only the monthly minimum payment.
- Using Cash Advances. You are using a cash advance from one creditor to pay another creditor.
- Increasing Credit Limits. Requesting an increase on spending limits on credit cards, overdrafts, etc.
- Taking Out Multiple Loans. Taking add-on loans or consolidation loans while continuing to use your credit cards.
- Borrowing Money. Borrowing from a friend or family member just to make ends meet each month.
- Too Many Credit Cards. You’re applying for multiple Visa, MasterCard and American Express cards at various financial institutions.
Debt help is available to anyone stressed about credit card bills, personal loans, payday loans, or any other kind of debt that isn’t backed up by collateral (like a house or car).
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.