With the price of houses in most major Ontario cities seemingly always on the rise, the cost of living in the province, including the city of London, can be incredibly expensive. While this isn’t a problem for some consumers, others struggle with the increasing cost of living.
Some of these struggles could lead to major financial issues, which could put the health of your credit in jeopardy. Thankfully, there are some solutions out there that can help your credit and finances as a whole get back on track. One of the most popular and common methods in London Ontario is credit counselling.
What is Credit Counselling?
Credit counselling is a great way for consumers to take control of their financial health and work toward not only improving their finances but achieving goals. Whether you struggle with debt, cannot budget successfully, or want to improve your credit, credit counselling in London Ontario can be a helpful solution for you. Getting an expert’s opinion on your issues and listening to their recommendations can be incredibly beneficial.
Credit counselling involves working with a credit counsellor to come up with a plan of attack together. A credit counsellor is an educated, trained, and knowledgeable individual who carries out your counselling sessions (learn more about how credit counselling agencies here). Their main goal is to understand your problems and then work with you to come up with a solution. They are also incredibly professional and you need not worry about them judging you or the choices you have made. They will respect you and your situation.
While credit counsellors are great and credit counselling can help, they don’t work miracles. You need to be willing to change your habits and make some sacrifices in order to change or improve your situation. In addition to the many benefits of credit counselling we mentioned earlier, credit counsellors can also refer you to a more extreme debt relief solution if your situation calls for it.
Do you know what the true cost of borrowing is? Find out here.How to Choose the Right Credit Counselling in London Ontario?
So as you can see, having a quality credit counsellor can really help improve your financial situation. Unfortunately, not all credit counsellors in London Ontario are created equally. Some have more experience in certain areas, some have been in business longer, and some simply might have a better and more successful track record.
So how do you know which credit counsellor or counselling agency to choose? Well, there are a few tips we can provide to help. These include:
- Be sure to look into any complaints against the counsellor or agency to see if they are legitimate.
- Make sure the company you work with is licensed.
- Ensure their fees are fair and they are not taking advantage of you.
- The counsellor you choose to work with should also be certified. Many people can claim to be financial experts or credit counsellors, and you want to ensure they really are.
Asking for recommendations friends or family could potentially help you choose the right one, but you could also look online. A simple Google search of a company or individual should help you out and answer any questions you might have. A good place to start is with any non-profits in your area, as their fees are likely to be lower.
Are you looking for credit counselling services in the rest of Ontario? Click here.
Will My Credit Score Be Affected by Credit Counselling in London?
If you are visiting a credit counsellor, there is a good chance your credit isn’t in the best spot. As a result, it is understandable to be worried about whether credit counselling in London Ontario will affect your credit score in any way. Well, the good news for you is that no, it won’t. Simply meeting with a credit counsellor and carrying out the plans you create with them will not lower your credit score.
However, this doesn’t tell the whole story. If you end up entering into a debt consolidation program, based on the advice of your credit counsellor, your credit score could be affected. How negatively your score is affected will all depend on how the debt is reported to the credit bureaus. If it’s reported as paid off, that will appear normal and nothing negative will occur. But if it’s reported as settled (as in you didn’t pay off your debt in full) your score could take a bit of a hit.
Even if your credit score does end up taking a hit from your time with a credit counsellor, the good news is you have control over your credit health and can work to improve it. The help and guidance they provided will help you increase your score and improve your financial situation as a whole. Sometimes starting over fresh and building your finances back up is the right thing to do.
Take a look at this infographic for more information about credit scores.The Right Options When You Need Them
If you’re currently struggling with debt or credit problems and are looking for the right solution to meet your needs in London Ontario, we can help. Loans Canada can match you with the right product or service provider to help you tackle whatever you’re dealing with.
