While it would be ideal if everyone had the money and financial knowledge to deal with life’s many financial challenges, that’s unfortunately not always the case. Many consumers are stuck in difficult financial situations and lack the necessary knowledge and help to find the right solutions.
Thankfully, credit counselling in Saskatoon is a solution that can help a wide variety of people out with their financial struggles.
What is Credit Counselling?
Credit counselling in Saskatoon is a solution that can help consumers improve their financial situation. It is a fairly broad service that is useful for a variety of individuals and can help consumers with a wide range of issues such as:
- Debt problems
- Credit problems
- Spending problems
- Saving problems
- Budgeting problems
So no matter what financial issues you struggle with, credit counselling will help you address them. It will provide you with the tools, advice, and knowledge that you need to not only better your current situation, but also prevent you from getting in a similar position in the future.
What is a Credit Counsellor and How Can They Help You?
In order to participate in credit counselling in Saskatoon, you need to enlist the help of a credit counsellor. They will provide you with the credit counselling service and are experienced and educated in the space. They can help you get out of debt, assist you with money management, work with you to build a budget, give you tips on increasing your credit score, and ultimately help you learn how to manage your money and your debt in a way that works best for your lifestyle.
If you are getting collection calls from creditors or lenders, your credit counsellor can negotiate with your creditors on your behalf to come up with an arrangement to end the collections calls.
Also, if your situation calls for it, a credit counsellor can even refer you to debt relief programs, like debt consolidation, debt settlement, or a consumer proposal.
How to Choose the Right Credit Counsellor?
Before you can utilize credit counselling in Saskatoon, it is a good idea to learn how to choose the right credit counsellor. You might think this is as easy as choosing the very first credit counsellor you find, but that’s not always the best option. Not all credit counsellors are created equally and some will be better suited for helping with your unique situation.
When choosing a credit counsellor, it is important to take your time to shop around. If you simply go with the very first one, you may be missing out on better deals and better counsellors. There are a few things you should be checking and looking out for when selecting a credit counsellor, including:
- Making sure that they are fully licensed and legally able to operate in your province
- Having a good track record of success and good experience in the space
- Looking into any complaints or negative reviews
- Ensuring that you are comfortable working with them
If the counsellor checks off all of your boxes and is someone you can see yourself working with, feel free to reach out. Also, if possible, it is generally a good idea to try to work with a non-profit agency.
What To Expect From Credit Counselling In Saskatoon
First and foremost, you should expect a professional counsellor to work by your side through the duration of your counselling. They will listen to all of your concerns, and help you come up with a detailed plan to deal with them.
Explain Your Story
You can also expect to have an in-depth discussion of your finances. This will focus on your strengths, weaknesses, and what you can improve on. You might need to talk about how much debt you have, what you make, and how much you have in savings. All of this is information that can help create the best plan possible.
Be Honest
It is very important that you be completely honest when speaking with your credit counsellor. Yes, it can potentially be uncomfortable or embarrassing, but it is important to remember that they are there to help. The more honest and open you are, the easier it will be to find the right solutions to your problems.
Remain Realistic
While these credit counselling sessions can surely help you better your situation, it is important to also remain realistic. These credit counsellors are not miracle workers and your situation simply won’t improve by visiting them. It takes work, sacrifice, and dedication on your part. Sure, they can provide the information and some assistance, but ultimately, it’s up to you to make the necessary changes in your life to better your situation.
Will Credit Counselling Affect My Credit Score?
A common question or concern that arises when people are thinking of utilizing credit counselling in Saskatoon is whether or not it will affect your credit score. Well, you’ll be happy to learn that no, meeting with a credit counsellor and utilize their advice won’t hurt your credit in any way.
However, this can change depending on what occurs during your meetings. For example, if you enter into a debt consolidation program through your counsellor, there is a chance that it will show up in some way on your credit report. The amount that your credit score will be affected depends on how the lender reports the debt. If they report it as fully paid off, you’re in the clear. If they report the debt as settled, this will have a negative effect on your credit score.
Even if your credit score takes a hit due to a debt relief program, it isn’t always a bad thing. In some cases, starting fresh with a slightly lower credit score is a better choice than continuing to struggle with more debt than you can manage.
When is Credit Counselling the Right Choice?
Now that you know a little more about credit counselling in Saskatoon, when is it the right choice to make? It is the right choice to make if:
- You are having serious financial issues that you don’t think you can handle on your own
- Your debt is mounting and you see no way out from under it without assistance from a professional
- You’re considering filing for bankruptcy or a consumer proposal
In general, there is no bad time to consider credit counselling, unless you are experiencing no financial trouble at all. Whether your issues are massive, or you just need some help budgeting and reducing your spending, credit counselling can certainly be a helpful solution.
Is Credit Counselling Right For You?
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