- Free consultation
- Reduce your monthly payments
- Speak with a debt expert
- Stop collection calls
- Take control of your debt
Learning to budget, spend, and borrow wisely isn’t always easy. Sometimes it takes a guiding hand, whether you’re a resident of Regina or living anywhere else in Canada. In fact, sometimes our expenses and debts can get so out of hand that the help of a professional is needed. The only problem is finding the right help to meet your needs.
Are you looking for advice to either improve your financial situation or simply to gain some extra know-how? If so, credit counselling in Regina Saskatchewan might be the best course of action.
Looking to improve your credit this year? Click here to learn how you can do it.
Credit counselling is a service that anyone can sign up for when they need help with their financial issues. Similar to the way a traditional advisor operates, it’s a credit counsellor’s job to provide people with information about all things financial. However, as we said, a credit counsellor can take it a step further. If necessary, they can also:
Looking for credit counselling in Saskatchewan? Take a look at this article.
Check out this infographic for a detailed look at how credit scores are calculated.
While credit counselling may seem reserved for Regina residents who are in bad financial positions, as we mentioned, the advice of a credit counsellor is something anyone can benefit from. Even if you are in good financial health, you can always speak to a counsellor just to gain additional knowledge. They won’t show you to the door just because you don’t have debt problems. There is certainly no wrong time to seek credit counselling in Regina.
All this being said, the “right” time to consider this type of service really depends on how bad your financial situation happens to be. Essentially, you should go to credit counselling in Regina Saskatchewan before it’s too late. Getting ahead of any financial issues you might be having is the best way to make sure they don’t spiral out of control.
For instance, credit counselling is likely the right choice when:
One of the best parts about credit counselling is that the process itself will not affect your credit score or credit report as a whole. However, it’s important to realize that by going through credit counselling, you may end up entering a type of service or program that will, for example, a debt consolidation program.
Remember, a credit counsellor can refer you to various debt relief options. So, let’s use one of the more common services they can help with; debt consolidation. Generally reserved for those with multiple outstanding debts, possibly through multiple creditors, the goal of debt consolidation is to eliminate several debts at once, resulting in a single monthly payment to keep track of.
If necessary, your counsellor can help you enter a debt consolidation program, wherein they will reach out to your creditors on your behalf and negotiate a plan for you to pay back at least a large portion of your debts. We say “a large portion” because certain secured debts, like mortgage payments, aren’t eligible for consolidation, while unsecured debts, like credit card bills, are eligible. If the program is accepted, you’ll make monthly payments toward your counsellor, who will send them to your creditors, until your full debt is repaid.
Now, one of the issues with debt consolidation programs is that they will show up on your credit report for several years following completion and may also negatively affect your credit score during that time. Here’s a basic timeline for what could happen:
Make sure that you ask your counsellor everything you can about any of their relief options before you choose to apply. Don’t worry though, getting simple advice from them won’t harm your finances and may even be free of charge.
Before you sign up with the first credit counsellor or counselling agency you come across, there are a few factors to take into consideration, as it should be with any financial product or service. When choosing a credit counselling service, make sure to take the following steps:
How long will credit counselling take? Find out here.
At Loans Canada, understand your financial needs and can help you deal with your debt problems by referring you to the right credit counselling service for your lifestyle. Contact us today for more information.
Do you have an expensive traffic ticket you need to pay? If you're short on cash, consider the Fine Option Program, which lets you work the fine off.
Everything you need to know about what a debt-to-income ratio is and how it affects your ability to get approved for the loan you want.
Wondering how the rich get wealthy? Debt is often used to make money and get rich. Find out how debt is used to make money.
Debt consolidation loans, debt management programs, debt settlement, consumer proposal and bankruptcy: Find out which option is right for you.
Learn about the statute of limitations in Canada and how it can protect you from your creditors wanting to take legal action against you.
Predatory lending is a problem many borrowers face when trying get a loan with bad credit. Here's how you can protect yourself.
Does bankruptcy affect your spouse in Canada? Find out the implications of declaring bankruptcy when you have a spouse.
Everything you need to know about how a foreclosure will affect your credit score.
Are you struggling to make your credit card payments on time? Learn how you can defer your credit card payments.
Struggling to keep up with your debt load? We have all the tips and tricks you need to know how to get out of debt in Canada.
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.