- Free consultation
- Reduce your monthly payments
- Speak with a debt expert
- Stop collection calls
- Take control of your debt
According to a recent report from Equifax, average debt levels in Newfoundland and Labrador have been rising steadily over the past few years. This can lead to unmanageable household and consumer debt amongst its residents, particularly in St. John’s, its most populated city. If you’re currently dealing with this type of financial problems, it’s better to act sooner rather than later.
In that case, going to credit counselling is a great first step toward reversing any bad financial situation.
Credit and debt counselling can be found throughout St. John’s and Canada. Their main goal is to help people with their money problems and, if necessary, participate in the administration of solutions that allow borrowers in St. John’s to settle or pay back their debts through various programs.
When you sign up for credit counselling in St. John’s, you can expect:
Take a look at this infographic to learn how bad credit can affect your daily life.
While we’re on the subject of what to expect from credit counselling, it’s crucial to understand that this service cannot make your financial problems disappear. Credit counsellors are there to have in-depth discussions with you, during which they can teach you better financial habits and/or help you seek out the best debt solution for your specific case. They don’t have a magic wand that makes your problems vanish.
In other words, it’s best to set your expectations appropriately and know that you’ll have to put in most of the hard work before your financial situation can improve in St. John’s.
Click here to find out how long credit counselling might take.
Another thing to consider before you settle on a counselling agency or counsellor in St. John’s is how to choose one that’s appropriate for your needs. Different counselling sources come with different factors that can make them good or bad for your financial situation. Unfortunately, it is possible that you’ll come across sources in St. John’s that aren’t legitimate. There are some that really will try to help you and others that don’t have your needs in mind at all.
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In a sense, yes. One of the best things about credit counselling itself is that none of the courses you take, nor the advice you get from a counsellor will have an impact on your credit, as other debt management programs do. That said, remember that their services often include the administration of such programs.
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For instance, filing for bankruptcy in St. John’s typically involves a legally binding process conducted by a licensed insolvency trustee (click here to learn more about LITs). However, a credit counsellor can teach you about the bankruptcy process and, if necessary, put you in contact with a respected trustee in St. John’s. Afterward, your bankruptcy will have a significant impact on your credit report, because a record of it will remain there for 7 years following discharge. In addition, your credit score will lower drastically and your credit rating will drop to an R9. All this can lead to rejected applications for new credit or extremely high-interest rates for approved ones. Always keep these kinds of factors in mind before you choose credit counselling.
Interested in more credit score information? Click here.
Essentially, knowing when to seek credit counselling is all about timing. Even financial situations that seem irreversible can be made easier with help from a professional. Although you won’t be turned away if you’re simply looking for financial knowledge, it’s best to start looking for agencies and counsellors when:
Read this article to discover more ways you can conquer your high-interest debt.
Are you currently struggling with your credit or debt problems? Are you interested in seeking the help of a professional in St. John’s to get back on track? Loans Canada can help match you with the right service provider to meet your financial needs.
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