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How a Credit Counsellor Can Help with Debt Repayment

Stats Canada reported as of 2016, about 70% of Canadians are living with some sort of debt. It shouldn’t be a surprise if you find yourself looking for credit counselling services at some point in life. A credit counsellor is a certified professional that will help you get your financial situation back on track and get you out of debt. Credit counselling isn’t a ‘quick fix’ solution. The process requires dedication on your part, but a counsellor will create a custom debt management program for you, along with an easy-to-follow budget you can use to accurately track your finances over time.

Analysis

A credit counsellor will begin the process by analyzing your specific financial situation.  For a debt repayment plan to happen, he or she needs to know things like:

  • How much debt do you have?
  • How long have you had it?
  • Who are your creditors?
  • What is your monthly income?
  • What are your monthly household expenses?
  • Which repayment options are you open to?

Having the entire picture of your debt situation is the only way to come up with a solution that will work for you and be sustainable.

Budget

Once your credit counsellor has reviewed your situation, they will help you create a monthly budget. Your monthly budget needs to work for you and your family. This process takes time and effort, but a realistic spending plan is key to reach your financial goals. The budget will act as guideline for you to follow each month. Of course, it’s up to you to stick to the budget and ensure payments are made each month.

Action Plan

Your action plan is how you are going to pay down your debt and become financially responsible. Your counsellor will help you create an action plan to follow. They can also help you with budgeting, increasing savings, decreasing debt, improving your credit score, building wealth, and more. Counsellors provide follow-up services to track progress and are available to provide continued coaching to help you achieve long-term financial goals.

At SolveYourDebts.com, we have a debt management program to fit your lifestyle, your debt ratio, and your income.  All you need to do is make that first call and get the process started. Contact us today!

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