While everyone knows Toronto is one of the most expensive places in the country to live, these high costs have begun to spread. Even the suburbs of Toronto such as Mississauga have become quite expensive. In fact, Mississauga is actually the 14th most expensive place to live in North America.
Living in a place this expensive can often be difficult, despite the many benefits. If you live in Mississauga and are struggling with your finances and over debt load, you may want to consider working with a credit counsellor.
What is Credit Counselling?
Before we dig any deeper into credit counselling, let’s make sure everyone knows what it is. Credit counselling is when an individual meets with a credit counsellor in order to try and improve their financial situation. While many will visit these counsellors for help with their credit, that is far from the only thing these counsellors can help with.
They can help individuals in Mississauga with everything from budgeting correctly, to learning debt reduction strategies, to generally increasing financial knowledge. No matter your financial situation or the situation you find yourself in Mississauga, credit counsellors are trained to help you find the best solutions and get back on the right track.
What is a Credit Counsellor?
A credit counsellor, is an expert who provides credit counselling. They are normally trained, educated, and qualified to help you with any financial troubles you have. Most cities including Mississauga will have a range of different credit counsellors or credit counselling services that you can choose to work with.
While these individuals can help, it is also important to be realistic. They cannot work miracles. Instead, they will provide you with the tools and knowledge you need to succeed in Mississauga. If you are not willing to implement their plans or cannot make the necessary changes in your life, this might not be the right option for you.
How to Choose the Right Credit Counsellor in Mississauga?
When it comes to choosing a credit counsellor in Mississauga, how do you go about making sure you make the right choice? Not all credit counsellors are created equally, so you need to make sure you work with the right one. Starting with a non-profit is always a good call, as you can ensure they truly have your best interest in mind and aren’t operating to solely turn a profit.
In an effort to help you in your search, here are a few things to check for when evaluating different credit counsellors in Mississauga:
- Make sure that the agency is licensed in the province that they are operating in.
- Do an online search for the company. This will help tell you if they are legitimate or not, and will also help you see any reviews or complaints about the company.
- Ensure the counsellors you work with are certified and qualified to do the job.
On top of all of these factors, it is also important to make sure you are comfortable with the counsellor that you ultimately choose to work with. You will be working closely with your counsellor and will need to share all the details about your personal finances. This is why it’s so important that you trust and feel comfortable with whoever you end up working with in Mississauga.
Check out this infographic to learn how credit scores are calculated.
Will Credit Counselling Affect My Credit?
This is a big concern for people before they go to credit counselling. The great news is that simply meeting with a credit counsellor in Mississauga and getting or using their advice will not affect your credit score or report in any way.
However, this isn’t always the case. It can get a little confusing if your credit counsellor helps you enter a debt consolidation program. If they do, it will indeed show up on your credit report. The effect this will have depends entirely on how your creditor or lender reports on the debt.
If they report the debt as paid off, there will be no negative effect on your credit score or report at all. However, if they report the debt as settled (which means you didn’t end up paying back the amount in full), your credit will be affected in a negative manner.
Helping You Get Back on Track
If you’re currently struggling with debt or credit problems in Mississauga, Loans Canada can help. We offer a wide variety of credit improvement products and debt relief services, get in contact with us today!
