How Credit Counselling Can Help Change Your Life

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How Credit Counselling Can Help Change Your Life

If you’re down on your luck and have landed yourself onto a mountain of debt, the world may seem like a scary place to live in.

You feel like your options are limited and getting out in one piece may seem like a fantasy.

For many Canadians, living debt-free can be difficult because of student loans, mortgage payments and personal loans.

However, living debt-free is possible.

This can be done through credit counselling. Through innovative strategies and solid advice, credit counselling can help you get back on your feet.

Read below to find out the benefits of credit counselling and how it can affect you.

Debt Management Program:

The first step to becoming debt-free is to manage your debt. Credit counselling provides you with a debt management program that help clear your debts on time.

Through debt management, you will be able to negotiate with creditors and find a common ground that you can agree on. Some creditors will reduce interest rates and cut down their fees. It is important to find a debt management program that will work for you.

The Right Credit Counselling Company Helps:

Going to just about any company that offers credit counselling will not help. The right credit counselling company is going to help you eliminate debts and stress in your life.

You need to find a well-reputed credit counselling company to help convince creditors that you will be able to repay loans. A company that has experienced counsellors is the one you want to opt for.

Credit Reports:

Credit reports are records of your debt history. A credit counselling company will have information on your debt history. This report will be sent by creditors to the company and it will have records of whether or not you have been making payments to your creditors.

After completing a debt management program, you will be able to access this information as well but for 2-3 years, your records will list that you have repaid your loans through credit counselling.

debt-1It is important to discuss your financial situation with your credit counsellors. They will be able to provide with you the right kind of advice on how to handle your expenses and how to eliminate your mountain of debt.

However, it is equally important to find a well-known credit counselling firm to help you combat creditors.

The average Canadian family’s debt exceeds over $100,000, which means that they owe $1,500 for every dollar they earn. This includes mortgages, student loans and credit card debts.

At EmpireOne, we provide professional credit counselling services in Toronto; our counsellors have more than a decade of experience in debt consolidation. Book an appointment with us today.