Credit counselling services involve the assessment of your financial situation and the development of a methodic debt relief plan. Credit counseling is good for anyone looking to reduce or eliminate debt or simply wishing to learn how to manage money effectively. It is about getting the right advice from expert counsellors on how to handle your finances with respect to your situation. Therefore, there are no restrictions to qualifying for credit counselling services.
- Specific Amount of Debt – There are no limitations as to the debt amount that you must have in order to seek credit counselling. You can qualify for credit counselling services and benefit from the advice of certified counsellors whether you hold $2,000 or $200,000 in debt.
- Income Level – Reliable credit counselling companies review your financial situation and offer you financial counselling, debt management solutions, and consolidation relief, regardless of your income. You are not applying for a loan with these companies, so your income has no relevance for credit counselling services, however, if a debt management program is your best option, you do need to ensure you have enough in your budget to make your monthly deposit.
- Behind With Payments – You can benefit from credit counselling even if you are behind with one payment. You can even benefit if you are not behind with any payments yet, but you feel like you can no longer handle your current debt. Late payments come with damaging effects that can be hard to control or reduced once they set in. That is why it is advisable to seek credit counselling services before you are several months behind on your payments.
- No collateral – You will be perfectly eligible for credit counselling even if you don’t have any assets. Credit counselling services focus on changing your habits in order to achieve debt relief and regain your financial independence. It is not about converting unsecured debts into secured ones, so there is no need to have collateral.
- Filing for Bankruptcy – A credit counsellor can open the doors to new opportunities and show you alternatives you never thought you had. Even if you are in a desperate situation and considering bankruptcy, take the time to check with a credit counsellor first. One of the roles of credit counselling services is to offer tailored debt management plans that allow you to obtain affordable payments over a reasonable time frame. You will be avoiding the stigma and emotional impact of bankruptcy.
You are eligible for credit counselling services as long as you have debt and are interested in managing it without getting into more debt. As long as you are committed to finding a reasonable solution and are honest about your needs and situation, you can benefit from the experience of credit counsellors. Credit counselling services will give you access to a team of people with unique skills: credit knowledgeable negotiators, mediators, and facilitators. They are all finance experts with particular qualifications in debt management and budgeting.