If you have gotten yourself into a credit or debt situation, you may end up in front of a credit counsellor at some point. 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 and it takes dedication on your part, but a counsellor will help you come up with an effective debt repayment plan.
A credit counsellor will begin the process by analyzing your specific financial situation. In order for a debt repayment plan to happen, she needs to know things like:
- How much debt you have
- How long you’ve had it
- Who are your creditors?
- How much income comes in on a monthly basis
- How much are the monthly household expenses?
- Which repayment options are you open to?
If it seems as though your counsellor is being overly thorough, it’s for good reason. Having a crystal clear picture of the reality of your debt situation is the only way to really come up with a plan that works.
Once your credit counsellor has reviewed your situation, she can help you create a monthly budget. The budget is important because it acts as a gauge or a guideline for you to follow each month. With a clear budget you’ll know how much you have to work with and where it should go when you get it. Of course, it’s up to you to stick to the budget and allocate money where it’s supposed to go, so some discipline is required.
Action is what’s going to help you pay down your debt and get back on level ground, and your counsellor will help you create an action plan to follow. Your action plan will include dealing with creditors, selecting a particular strategy for repayment and making the payments themselves.
At CCSAC, we have a debt management program that may be the solution that works best for your lifestyle, your debt ratio and your income. All you have to do is make that first call and get the process started.